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COMPANY REGISTRATION NUMBER: 06169471
LMM Designs Ltd
Filleted Unaudited Financial Statements
30 June 2023
LMM Designs Ltd
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
18,555
24,740
Investments
7
467,357
467,357
---------
---------
485,912
492,097
Current assets
Debtors
8
107,528
119,643
Cash at bank and in hand
78,445
61,727
---------
---------
185,973
181,370
Creditors: amounts falling due within one year
9
82,351
67,225
---------
---------
Net current assets
103,622
114,145
---------
---------
Total assets less current liabilities
589,534
606,242
Provisions
Taxation including deferred tax
4,639
4,661
---------
---------
Net assets
584,895
601,581
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
584,894
601,580
---------
---------
Shareholders funds
584,895
601,581
---------
---------
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 30 June 2023 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 .
LMM Designs Ltd
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 19 February 2024 , and are signed on behalf of the board by:
Mr P A Blackman
Director
Company registration number: 06169471
LMM Designs Ltd
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Highland House, Albert Drive, Burgess Hill, West Sussex, RH15 9TN, England.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Amortised over 10 years from date of purchase
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures and Fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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 .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
150,000
---------
Amortisation
At 1 July 2022 and 30 June 2023
150,000
---------
Carrying amount
At 30 June 2023
---------
At 30 June 2022
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
23,444
87,783
111,227
--------
--------
---------
Depreciation
At 1 July 2022
20,576
65,911
86,487
Charge for the year
717
5,468
6,185
--------
--------
---------
At 30 June 2023
21,293
71,379
92,672
--------
--------
---------
Carrying amount
At 30 June 2023
2,151
16,404
18,555
--------
--------
---------
At 30 June 2022
2,868
21,872
24,740
--------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
467,357
---------
Impairment
At 1 July 2022 and 30 June 2023
---------
Carrying amount
At 30 June 2023
467,357
---------
At 30 June 2022
467,357
---------
The company controls 100% of the equity of Phoenix Flow Measurement Ltd.
At 30th June 2023 Phoenix Flow Measurement Ltd had capital and reserves of -£12,222 and a net profit for the year before tax of £98,266.
8. Debtors
2023
2022
£
£
Trade debtors
70,089
91,171
Other debtors
37,439
28,472
---------
---------
107,528
119,643
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
61,636
31,315
Corporation tax
15,876
32,162
Social security and other taxes
780
1,231
Other creditors
4,059
2,517
--------
--------
82,351
67,225
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P A Blackman
( 15)
( 13)
( 28)
Mrs S Blackman
( 15)
( 12)
( 27)
----
----
----
( 30)
( 25)
( 55)
----
----
----
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P A Blackman
( 13)
( 2)
( 15)
Mrs S Blackman
( 12)
( 3)
( 15)
----
----
----
( 25)
( 5)
( 30)
----
----
----
11. Related party transactions
The company was under the control of its holding company SPA Invest Ltd which is controlled by the directors throughout the current and previous year. During the year the company paid dividends of £221,000. During the year the company received dividends of £125,000 from its subsidiary At the balance sheet date, the company was owed £nil by its subsidiary.