Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-01-01No description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI022891 2023-01-01 2023-12-31 NI022891 2022-01-01 2022-12-31 NI022891 2023-12-31 NI022891 2022-12-31 NI022891 c:Director2 2023-01-01 2023-12-31 NI022891 d:ComputerEquipment 2023-01-01 2023-12-31 NI022891 d:ComputerEquipment 2022-12-31 NI022891 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI022891 d:FreeholdInvestmentProperty 2023-12-31 NI022891 d:FreeholdInvestmentProperty 2022-12-31 NI022891 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 NI022891 d:CurrentFinancialInstruments 2023-12-31 NI022891 d:CurrentFinancialInstruments 2022-12-31 NI022891 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI022891 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI022891 d:ShareCapital 2023-12-31 NI022891 d:ShareCapital 2022-12-31 NI022891 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI022891 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI022891 c:FRS102 2023-01-01 2023-12-31 NI022891 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI022891 c:FullAccounts 2023-01-01 2023-12-31 NI022891 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI022891 d:ComputerEquipment d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 NI022891 d:OtherDeferredTax 2023-12-31 NI022891 d:OtherDeferredTax 2022-12-31 NI022891 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: NI022891










LMI Holdings Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 December 2023

 
LMI Holdings Limited
Registered number: NI022891

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
558
1,004

Investment property
 4 
4,259,054
1,856,322

  
4,259,612
1,857,326

Current assets
  

Debtors: amounts falling due within one year
 5 
22,369
24,301

Cash at bank and in hand
 6 
632,054
548,845

  
654,423
573,146

Creditors: amounts falling due within one year
 7 
(66,922)
(57,905)

Net current assets
  
 
 
587,501
 
 
515,241

Total assets less current liabilities
  
4,847,113
2,372,567

Provisions for liabilities
  

Deferred tax
  
(487,354)
-

  
 
 
(487,354)
 
 
-

Net assets
  
4,359,759
2,372,567


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
4,358,759
2,371,567

  
4,359,759
2,372,567


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Page 1

 
LMI Holdings Limited
Registered number: NI022891

Balance Sheet (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 24 July 2024.



Mr L M Irvine
Director

The notes on pages 3 to 8 form part of these financial statements.

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Page 2

 
LMI Holdings Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 December 2023

1.


General information

LMI Holdings Ltd is a private company limited by shares incorporated in Northern Ireland. The company registration number is NI022891 and address of the registered office is 9 Corrstown Road, Lisburn, BT28 2NH. 

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

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

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LMI Holdings Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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 basis:

Computer equipment
-
33%
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.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and 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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.7

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial
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Page 4

 
LMI Holdings Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

 
2.8

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.

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LMI Holdings Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 December 2023

3.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
3,052



At 31 December 2023
3,052



Depreciation


At 1 January 2023
2,048


Charge for the period on owned assets
446



At 31 December 2023
2,494



Net book value



At 31 December 2023
558



At 31 December 2022
1,004


4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,856,322


Surplus on revaluation
2,402,732



At 31 December 2023
4,259,054

The 2023 valuations were made by Portbannis , on an open market value for existing use basis.




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Page 6

 
LMI Holdings Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 December 2023

5.


Debtors: amounts falling due within one year

2023
2022
£
£


Other debtors
22,369
22,370

Prepayments and accrued income
-
1,931

22,369
24,301



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
632,054
548,845



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Corporation tax
51,746
44,067

Other taxation and social security
12,156
11,781

Other creditors
766
193

Accruals and deferred income
2,254
1,864

66,922
57,905



8.


Deferred taxation




2023


£






Charged to profit or loss
(487,354)



At end of year
(487,354)

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Page 7

 
LMI Holdings Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 December 2023
 
8.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Revaluation of property
(487,354)
-

(487,354)
-


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Page 8