Company registration number 05170841 (England and Wales)
LOM (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LOM (UK) LIMITED
COMPANY INFORMATION
Directors
M Moseley
J Cornell
J Hill
Company number
05170841
Registered office
Third floor
20 Old Bailey
London
EC4M 7AN
Auditor
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
Business address
Suite D, City Point
6th Floor, Temple Gate
Bristol
BS1 6PL
LOM (UK) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 17
LOM (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of marketing the LOM Group of Companies services to intermediaries in the United Kingdom and Europe. Additionally the company where required, will provide assistance in administration and IT for the LOM Group of Companies.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Moseley
J Cornell
J Hill
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the directors in office at the date of approval of this annual report confirms that:

 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

LOM (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
J Cornell
Director
5 April 2024
LOM (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOM (UK) LIMITED
- 3 -
Opinion

We have audited the financial statements of LOM (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LOM (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOM (UK) LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

As a result of this assessment, we considered the opportunities and incentives that may exist within the company for fraud and identified that the greatest area of risk was in relation to management override.

 

We have obtained an understanding of the legal and regulatory frameworks that the company operates in from discussions with the directors and our knowledge of the company and its industry sector. We have focussed on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

LOM (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOM (UK) LIMITED
- 5 -

We performed the following audit procedures after consideration of the above risks which included the following:

 

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Wickens
Senior Statutory Auditor
For and on behalf of MGI Midgley Snelling LLP
8 April 2024
Chartered Accountants
Statutory Auditor
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
LOM (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
$
$
Turnover
3
1,237,894
1,375,143
Administrative expenses
(1,107,308)
(1,211,202)
Other operating income
16,671
-
0
Operating profit
4
147,257
163,941
Interest receivable and similar income
5
63,931
25
Profit before taxation
211,188
163,966
Tax on profit
8
(54,244)
(31,173)
Profit for the financial year
156,944
132,793
LOM (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
$
$
$
$
Fixed assets
Tangible assets
9
33,193
53,756
Current assets
Debtors
10
242,239
108,829
Cash at bank and in hand
580,400
485,311
822,639
594,140
Creditors: amounts falling due within one year
11
(201,681)
(147,426)
Net current assets
620,958
446,714
Total assets less current liabilities
654,151
500,470
Creditors: amounts falling due after more than one year
12
-
0
(1,348)
Provisions for liabilities
Deferred tax liability
13
8,299
10,214
(8,299)
(10,214)
Net assets
645,852
488,908
Capital and reserves
Called up share capital
15
4,000
4,000
Share premium account
696,000
696,000
Profit and loss reserves
(54,148)
(211,092)
Total equity
645,852
488,908
The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
J Cornell
Director
Company registration number 05170841 (England and Wales)
LOM (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
$
$
$
$
Balance at 1 January 2022
4,000
696,000
(343,885)
356,115
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
132,793
132,793
Balance at 31 December 2022
4,000
696,000
(211,092)
488,908
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
156,944
156,944
Balance at 31 December 2023
4,000
696,000
(54,148)
645,852
LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information

LOM (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third floor, 20 Old Bailey, London, EC4M 7AN and their place of business is Suite D, City Point, 6th Floor, Temple Gate, Bristol, BS1 6PL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in US Dollars which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
20% - 33% on cost
Fixtures, fittings & equipment
25% - 33% on cost
Computer equipment
20% - 50% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than USD are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

There were no significant judgements or key sources of estimation uncertainty noted.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
$
$
Turnover analysed by class of business
Sale of services
1,237,894
1,375,143
2023
2022
$
$
Turnover analysed by geographical market
Outside the United Kingdom
1,237,894
1,375,143
2023
2022
$
$
Other revenue
Interest income
63,931
25
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
$
$
Exchange (gains)/losses
(150,590)
135,235
Fees payable to the company's auditor for the audit of the company's financial statements
8,280
7,800
Depreciation of owned tangible fixed assets
33,024
28,926
Operating lease charges
105,044
123,197
LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
5
Interest receivable and similar income
2023
2022
$
$
Interest income
Interest on bank deposits
9,435
25
Other interest income
54,496
-
0
Total income
63,931
25
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
3
3
Employees
9
9
Total
12
12

Their aggregate remuneration comprised:

2023
2022
$
$
Wages and salaries
577,827
573,712
Social security costs
62,385
65,442
Pension costs
39,278
21,262
679,490
660,416

 

7
Directors' remuneration
2023
2022
$
$
Remuneration for qualifying services
123,687
130,822
Company pension contributions to defined contribution schemes
22,130
9,466
145,817
140,288

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
8
Taxation
2023
2022
$
$
Current tax
UK corporation tax on profits for the current period
56,159
4,376
Deferred tax
Origination and reversal of timing differences
(1,915)
26,797
Total tax charge
54,244
31,173

During the period, the UK corporation tax rate changed from 19% to 25%, with marginal relief available for profits between £50,000 and £250,000 (effective 1 April 2023), therefore an effective tax rate has been used for the period.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

 

The effective interest rate for 3 months was 19% up to 31 March 2023. Beginning 1 April 2023, the corporation tax rate changed from 19% to 25%, which covered the remainder of the period, being 9 months.

 

Therefore the effective corporation tax charge based on 3 months at 19%, and 9 months at 25% will be 23.52% for the financial reporting period.

2023
2022
$
$
Profit before taxation
211,188
163,966
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
49,671
31,154
Tax effect of expenses that are not deductible in determining taxable profit
1,677
1,599
Tax effect of utilisation of tax losses not previously recognised
-
0
(23,722)
Permanent capital allowances in excess of depreciation
4,811
(4,655)
Deferred tax movement
(1,915)
26,797
Taxation charge for the year
54,244
31,173
LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
9
Tangible fixed assets
Land and buildings leasehold
Fixtures, fittings & equipment
Computer equipment
Total
$
$
$
$
Cost
At 1 January 2023
22,534
8,494
239,438
270,466
Additions
-
0
-
0
12,461
12,461
At 31 December 2023
22,534
8,494
251,899
282,927
Depreciation and impairment
At 1 January 2023
21,210
8,493
187,007
216,710
Depreciation charged in the year
818
1
32,205
33,024
At 31 December 2023
22,028
8,494
219,212
249,734
Carrying amount
At 31 December 2023
506
-
0
32,687
33,193
At 31 December 2022
1,324
1
52,431
53,756
10
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
28,832
51,878
Amounts owed by group undertakings
128,987
-
0
Other debtors
36,887
8,846
Prepayments and accrued income
47,533
29,587
242,239
90,311
2023
2022
Amounts falling due after more than one year:
$
$
Other debtors
-
0
18,518
Total debtors
242,239
108,829

Amounts owed by group undertakings include amounts that:

- have no interest arising.

- are held on behalf of the company.

- are unsecured.

- are repayable within one year if demanded.

LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
11
Creditors: amounts falling due within one year
2023
2022
$
$
Amounts owed to group undertakings
91,150
107,992
Corporation tax
56,159
4,376
Other taxation and social security
26,466
15,925
Other creditors
7,196
4,019
Accruals and deferred income
20,710
15,114
201,681
147,426

Amounts owed to group companies include amounts that:

- have no interest arising.

- are loaned to the company.

- are unsecured.

- are repayable within one year if demanded.

12
Creditors: amounts falling due after more than one year
2023
2022
$
$
Accruals and deferred income
-
0
1,348
13
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
$
$
Accelerated capital allowances
8,299
10,214
2023
Movements in the year:
$
Liability at 1 January 2023
10,214
Credit to profit or loss
(1,915)
Liability at 31 December 2023
8,299
LOM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
39,278
21,262

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The liability due at 31 December 2023 was $4,260 (2022: $2,638).

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of $1 each
4,000
4,000
4,000
4,000
16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
$
$
Within one year
56,758
39,119
Between two and five years
-
0
16,300
56,758
55,419
17
Related party transactions

The company has taken advantage of the exemption in FRS102.33.1A not to disclose transactions with wholly owned group companies. Details of where consolidated accounts can be obtained is included in note 18.

18
Ultimate controlling party

LOM Financial Limited (incorporated in Bermuda) is regarded by the directors as being the company's ultimate parent company. LOM Financial Limited heads both the largest and the smallest group within which the subsidiary belongs and for which group accounts are prepared. The registered office of LOM Financial Limited is The LOM Building, 27 Reid Street, Hamilton, HM 11, Bermuda.

 

The Consolidated Financial Statements of LOM Financial Limited are available from their web site www.lom.com.

 

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