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Registered number: 13959701









LMP PROPERTIES & LOGISTICS LIMITED









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

 
LMP PROPERTIES & LOGISTICS LIMITED
REGISTERED NUMBER: 13959701

BALANCE SHEET
AS AT 31 MARCH 2023

2023
                                                                                                                   Note
£

Fixed assets
  

Investment Properties
 5 
12,346,357

Current assets
  

Stocks
  
1,904,892

Debtors: amounts falling due within one year
 6 
10,853

Cash at bank and in hand
  
2,058

  
1,917,803

Creditors: amounts falling due within one year
 7 
(4,097,757)

Net current liabilities
  
 
 
(2,179,954)

  

Net assets
  
10,166,403


Capital and reserves
  

Called up share capital 
 8 
4

Share premium account
  
837,267

Revaluation reserve
  
8,571,499

Profit and loss account
  
757,633

  
10,166,403


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 PROPERTIES & LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

LMP Properties & Logistics 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 7 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:

Rental income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

 
2.4

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.

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 annual basis:

Office equipment
-
10%
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.

Page 2

 
LMP PROPERTIES & LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Stocks

Stocks consist of development properties held for sale. Stocks are stated at the lower of cost and netrealisable 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 profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 3

 
LMP PROPERTIES & LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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

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.

Page 4

 
LMP PROPERTIES & LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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

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.


3.


Employees

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


4.


Tangible fixed assets





Office equipment

£





Additions
5,548


Disposals
(5,548)



At 31 March 2023

-






Net book value



At 31 March 2023
-

Page 5

 
LMP PROPERTIES & LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

5.


Fixed asset investments





Investments in subsidiary companies
Investment properties
Total

£
£
£



Cost or valuation


Additions
2
4,509,256
4,509,258


Revaluations
-
8,926,499
8,926,499


Amounts written off
(1)
-
(1)


Transfer to stock
-
(1,089,399)
(1,089,399)



At 31 March 2023
1
12,346,356
12,346,357





6.


Debtors

2023
£


Trade debtors
1,350

Other debtors
9,503



7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
522,185

Amounts owed to group undertakings
3,493,795

Corporation tax
66,777

Accruals and deferred income
15,000

4,097,757


Page 6

 
LMP PROPERTIES & LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

8.


Share capital

2023
£
Allotted, called up and fully paid


4 Ordinary shares of £1.00 each
4


On incorporation, the Company issued 2 Ordinary £1 shares at par. 
On 1st April 2023, the Company issued 2 Ordinary £1 shares at a premium of £418,633.72 per share.


9.


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, these entities owed the Company £1,541,361.
There is an unlimited guarantee with Barclays bank in relation to the facility held in LMP Central Services Limited, a fellow subsidiary.


10.


Controlling party

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


11.


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