REGISTERED NUMBER: |
LM10 PROPERTY LTD |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
REGISTERED NUMBER: |
LM10 PROPERTY LTD |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
LM10 PROPERTY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
2 Lakeview Stables |
Lower St. Clere |
Kemsing |
Sevenoaks |
Kent |
TN15 6NL |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 30 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of property investment. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 January 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 31 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
AUDITORS |
The auditors, Lakeview Southern Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LM10 PROPERTY LTD |
Opinion |
We have audited the financial statements of LM10 Property Ltd (the 'company') for the year ended 30 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the company's affairs as at 30 January 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LM10 PROPERTY LTD |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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. |
Auditors' 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 a Report of the Auditors 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: |
We considered the central laws and regulations to the entity and identified those being of significance. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance. |
Through discussion and, where appropriate, written representation we obtained an understanding of the entity's policies and procedures in relation to fraud risks, including knowledge of any actual, suspected or alleged fraud. |
The Senior Statutory Auditor has assessed that the engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations within the areas that they are responsible for testing. |
Where necessary, documentation scrutiny was used to determine the significance of any instances with non-compliance of central laws and regulations and reviewed disclosures made in the financial statements to ensure these were appropriately made. We also reviewed the journals processed by the finance team and reviewed all transactions outside the normal course of the entity's business. Based on our understanding of the company and industry, in particular we identified that the principal risks of non-compliance with laws and regulations related to the Financial Conduct Authority (FCA) and we considered the extent to which non-compliance might have a material effect on the information. |
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Irregularities that result from fraud are inherently more difficult to detect from irregularities that result from error. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LM10 PROPERTY LTD |
Use of our 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
2 Lakeview Stables |
Lower St. Clere |
Kemsing |
Sevenoaks |
Kent |
TN15 6NL |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ |
TURNOVER | 4 |
Administrative expenses |
OPERATING PROFIT/(LOSS) | 6 | ( |
) |
Interest receivable and similar income |
17,722 | 4,524 |
Movement in fair value |
of investment property | 4,000 | (3,000 | ) |
21,722 | 1,524 |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JANUARY 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
BALANCE SHEET |
30 JANUARY 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 31 January 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 January 2024 |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of investment property | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Intra-group loan movements |
Amount withdrawn by directors | (27,329 | ) | (6,966 | ) |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
681 |
Cash and cash equivalents at end of year | 2 | 6,609 | 4,961 |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.1.24 | 30.1.23 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
(Gain)/loss on revaluation of fixed assets | (4,000 | ) | 3,000 |
Finance costs | 2,642 | 3,278 |
Finance income | (8,048 | ) | (7,367 | ) |
9,674 | (2,843 | ) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 January 2024 |
30.1.24 | 31.1.23 |
£ | £ |
Cash and cash equivalents | 6,609 | 4,961 |
Year ended 30 January 2023 |
30.1.23 | 31.1.22 |
£ | £ |
Cash and cash equivalents | 4,961 | 681 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 31.1.23 | Cash flow | At 30.1.24 |
£ | £ | £ |
Net cash |
Cash at bank | 4,961 | 1,648 | 6,609 |
4,961 | 6,609 |
Debt |
Debts falling due after 1 year | (77,913 | ) | - | (77,913 | ) |
(77,913 | ) | - | (77,913 | ) |
Total | (72,952 | ) | 1,648 | (71,304 | ) |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | STATUTORY INFORMATION |
LM10 Property Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net amounts receivable for rental income. All amounts are shown within the financial statements excluding value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The investment property is valued based upon a market estimate from online real estate valuations. |
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 obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classified as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Trade and other debtors |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are |
recorded at the undiscounted amount expected to be received, net of impairment. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments. |
Trade and other creditors |
Trade and other creditors are stated at cost. |
Going concern |
The directors believe that the company is expected to continue to receive rental at the same level, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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. |
Valuation of Investment Property |
As described in note 9 to the financial statements, the investment property is valued by the director at fair value based upon a market estimate from online real estate valuations. |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
4. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30.1.24 | 30.1.23 |
£ | £ |
An analysis of turnover by geographical market is given below: |
30.1.24 | 30.1.23 |
£ | £ |
United Kingdom |
Turnover represents net amounts receivable for rent. All amounts are shown within the financial statements excluding value added tax. |
5. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 30 January 2024 nor for the year ended 30 January 2023. |
The average number of employees during the year was as follows: |
30.1.24 | 30.1.23 |
Directors |
30.1.24 | 30.1.23 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
30.1.24 | 30.1.23 |
£ | £ |
Other operating leases |
Auditors' remuneration |
Auditors' remuneration for non audit work |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.1.24 | 30.1.23 |
£ | £ |
Mortgage |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.1.24 | 30.1.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit/(loss) |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.1.24 | 30.1.23 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation and net of deferred tax movement | - |
3,184 |
Effect of changes in corporation tax rates | (272 | ) | - |
Total tax charge | 4,498 | 3,421 |
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 January 2023 |
Additions |
Revaluations | 4,000 |
At 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
At 30 January 2023 |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
9. | INVESTMENT PROPERTY - continued |
Fair value at 30 January 2024 is represented by: |
£ |
Valuation in 2021 | 31,550 |
Valuation in 2022 | 34,000 |
Valuation in 2023 | (3,000 | ) |
Valuation in 2024 | 4,000 |
Cost | 208,131 |
274,681 |
The investment properties were revalued in January 2024 by N Hibbert, a director, on the basis of open market value for existing use. |
10. | DEBTORS |
30.1.24 | 30.1.23 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Directors' current accounts | 312,930 | 285,601 |
Tax |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.1.24 | 30.1.23 |
£ | £ |
Amounts owed to group undertakings |
Tax |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.1.24 | 30.1.23 |
£ | £ |
Bank loans (see note 13) |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
13. | LOANS |
An analysis of the maturity of loans is given below: |
30.1.24 | 30.1.23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 77,913 | 77,913 |
The mortgage held is secured by a fixed and floating charge over the undertaking and all property and assets present and future. |
14. | FINANCIAL INSTRUMENTS |
The company has basic financial debt instruments which are all measured at cost. These include trade debtors, other debtors, cash and bank in hand and trade creditors. |
15. | PROVISIONS FOR LIABILITIES |
30.1.24 | 30.1.23 |
£ | £ |
Deferred tax | 16,638 | 15,638 |
Deferred |
tax |
£ |
Balance at 31 January 2023 |
Provided during year |
Balance at 30 January 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.1.24 | 30.1.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Ordinary shares have full rights to receive notice of, attend and vote at general meetings. One share carries one vote, and full rights to dividends and capital distributions (including upon winding up). |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
17. | RESERVES |
Retained |
earnings |
£ |
At 31 January 2023 |
Profit for the year |
At 30 January 2024 |
The retained earnings are the cumulative profit and loss net of distributions to the parent company, plus £49,912 of non-distributable revaluation gains. |
18. | ULTIMATE PARENT COMPANY |
MNK Holdings Ltd is regarded by the directors as being the company's ultimate parent company which prepares group financial statements. The registered office of MNK Holdings Ltd is Lakeside House, 15 Mariner Court, Wakefield, West Yorkshire, WF4 3FL. |
LM10 Property Ltd is 100% owned by MNK Holdings Ltd. |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 January 2024 and 30 January 2023: |
30.1.24 | 30.1.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest has been charged on the overdrawn directors loan account at the agreed rate of 2.5%. |
20. | RELATED PARTY DISCLOSURES |
As at the balance sheet date the company owed £229,696 to LM10 Ltd (2023: £204,058), £181,000 to Lakeside FS Ltd (2023: £170,000), £Nil to Lakeside Investment Platform Ltd (2023: £20,000), £72,000 to Lakeside Wills Ltd (2023: £22,000), £15,000 to Lakeside Corporate Services Ltd (2023:£15,000), £Nil to Lakeside Probate Ltd (2023: £2,000), £3,000 to Lakeside Independent Ltd (2023: £3,000) and £15,000 to LP10 Ltd (2023; £Nil).. |
The company owed £20,000 to LWM10 Ltd a company that the directors have an interest in (2023: £Nil). |
The company received income of £12,000 from LM10 Ltd during the year (2023: £12,000). This relates to rent due for the property held by LM10 Property Ltd. |
Due to the fellow subsidiary LP10 Ltd being a MiFID company, Lakeside Corporate Services Ltd is deemed to be part of a medium sized group. The company has taken advantage of exemptions for subsidiaries in a non-eligible group regarding the Strategic Report. |
LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is N Hibbert and M Hibbert. |