IRIS Accounts Production v24.1.0.578 12216374 Board of Directors 31.1.23 30.1.24 30.1.24 false true true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh122163742023-01-30122163742024-01-30122163742023-01-312024-01-30122163742022-01-30122163742022-01-312023-01-30122163742023-01-3012216374ns15:EnglandWales2023-01-312024-01-3012216374ns14:PoundSterling2023-01-312024-01-3012216374ns10:Director12023-01-312024-01-3012216374ns10:PrivateLimitedCompanyLtd2023-01-312024-01-3012216374ns10:FRS1022023-01-312024-01-3012216374ns10:Audited2023-01-312024-01-3012216374ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-312024-01-3012216374ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-312024-01-3012216374ns10:FullAccounts2023-01-312024-01-3012216374ns10:OrdinaryShareClass12023-01-312024-01-3012216374ns10:Director22023-01-312024-01-3012216374ns10:RegisteredOffice2023-01-312024-01-3012216374ns5:CurrentFinancialInstruments2024-01-3012216374ns5:CurrentFinancialInstruments2023-01-3012216374ns5:Non-currentFinancialInstruments2024-01-3012216374ns5:Non-currentFinancialInstruments2023-01-3012216374ns5:ShareCapital2024-01-3012216374ns5:ShareCapital2023-01-3012216374ns5:RetainedEarningsAccumulatedLosses2024-01-3012216374ns5:RetainedEarningsAccumulatedLosses2023-01-3012216374ns5:ShareCapital2022-01-3012216374ns5:RetainedEarningsAccumulatedLosses2022-01-3012216374ns5:RetainedEarningsAccumulatedLosses2022-01-312023-01-3012216374ns5:RetainedEarningsAccumulatedLosses2023-01-312024-01-301221637412023-01-312024-01-3012216374ns5:ReportableOperatingSegment12023-01-312024-01-3012216374ns5:ReportableOperatingSegment12022-01-312023-01-3012216374ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-312024-01-3012216374ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-312023-01-3012216374ns15:UnitedKingdom2023-01-312024-01-3012216374ns15:UnitedKingdom2022-01-312023-01-3012216374ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-312024-01-3012216374ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-312023-01-301221637442023-01-312024-01-301221637442022-01-312023-01-3012216374ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3012216374ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3012216374ns5:DeferredTaxation2023-01-3012216374ns5:DeferredTaxation2023-01-312024-01-3012216374ns5:DeferredTaxation2024-01-3012216374ns10:OrdinaryShareClass12024-01-3012216374ns5:RetainedEarningsAccumulatedLosses2023-01-30122163741ns10:Director12023-01-30122163741ns10:Director12022-01-30122163741ns10:Director12023-01-312024-01-30122163741ns10:Director12022-01-312023-01-30122163741ns10:Director12024-01-30122163741ns10:Director12023-01-30
REGISTERED NUMBER: 12216374 (England and Wales)
















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: N Hibbert
M Hibbert





REGISTERED OFFICE: Lakeside House
15 Mariner Court
Wakefield
West Yorkshire
WF4 3FL





REGISTERED NUMBER: 12216374 (England and Wales)





AUDITORS: Lakeview Southern Audit Limited
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.

N Hibbert
M Hibbert

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:





N Hibbert - Director


23 July 2024

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.




Adrian Hull (Senior Statutory Auditor)
for and on behalf of Lakeview Southern Audit Limited
Chartered Accountants and
Statutory Auditors
2 Lakeview Stables
Lower St. Clere
Kemsing
Sevenoaks
Kent
TN15 6NL

26 July 2024

LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JANUARY 2024

30.1.24 30.1.23
Notes £    £   

TURNOVER 4 19,235 17,400

Administrative expenses 9,561 20,243
OPERATING PROFIT/(LOSS) 6 9,674 (2,843 )

Interest receivable and similar income 8,048 7,367
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 2,642 3,278
PROFIT/(LOSS) BEFORE TAXATION 19,080 (1,754 )

Tax on profit/(loss) 8 4,498 3,421
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

14,582

(5,175

)

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 14,582 (5,175 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

14,582

(5,175

)

LM10 PROPERTY LTD (REGISTERED NUMBER: 12216374)

BALANCE SHEET
30 JANUARY 2024

30.1.24 30.1.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 9 274,681 166,000

CURRENT ASSETS
Debtors 10 418,662 429,674
Cash at bank 6,609 4,961
425,271 434,635
CREDITORS
Amounts falling due within one year 11 543,743 460,008
NET CURRENT LIABILITIES (118,472 ) (25,373 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

156,209

140,627

CREDITORS
Amounts falling due after more than one
year

12

(77,913

)

(77,913

)

PROVISIONS FOR LIABILITIES 15 (16,638 ) (15,638 )
NET ASSETS 61,658 47,076

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 61,558 46,976
SHAREHOLDERS' FUNDS 61,658 47,076

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





N Hibbert - Director


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 100 52,151 52,251

Changes in equity
Total comprehensive income - (5,175 ) (5,175 )
Balance at 30 January 2023 100 46,976 47,076

Changes in equity
Total comprehensive income - 14,582 14,582
Balance at 30 January 2024 100 61,558 61,658

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 63,868 (38,471 )
Interest paid (2,642 ) (3,278 )
Tax paid (15,254 ) (90,913 )
Net cash from operating activities 45,972 (132,662 )

Cash flows from investing activities
Purchase of investment property (104,681 ) -
Interest received 8,048 7,367
Net cash from investing activities (96,633 ) 7,367

Cash flows from financing activities
Intra-group loan movements 79,638 136,541
Amount withdrawn by directors (27,329 ) (6,966 )
Net cash from financing activities 52,309 129,575

Increase in cash and cash equivalents 1,648 4,280
Cash and cash equivalents at beginning of
year

2

4,961

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 19,080 (1,754 )
(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 38,341 (38,341 )
Increase in trade and other creditors 15,853 2,713
Cash generated from operations 63,868 (38,471 )

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 1,648 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
£    £   
Rental income 19,235 17,400
19,235 17,400

An analysis of turnover by geographical market is given below:

30.1.24 30.1.23
£    £   
United Kingdom 19,235 17,400
19,235 17,400

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 2 2

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 3,677 5,871
Auditors' remuneration 3,186 3,090
Auditors' remuneration for non audit work 1,363 1,348

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.1.24 30.1.23
£    £   
Mortgage 2,642 3,278

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 3,498 237

Deferred tax 1,000 3,184
Tax on profit/(loss) 4,498 3,421

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 19,080 (1,754 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

4,770

(333

)

Effects of:
Expenses not deductible for tax purposes - 570
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 166,000
Additions 104,681
Revaluations 4,000
At 30 January 2024 274,681
NET BOOK VALUE
At 30 January 2024 274,681
At 30 January 2023 166,000

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 - 341
Directors' current accounts 312,930 285,601
Tax 105,732 105,732
418,662 391,674

Amounts falling due after more than one year:
Other debtors - 38,000

Aggregate amounts 418,662 429,674

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.1.24 30.1.23
£    £   
Amounts owed to group undertakings 515,696 436,058
Tax 3,498 15,254
Other creditors 20,000 -
Accruals and deferred income 4,549 8,696
543,743 460,008

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.1.24 30.1.23
£    £   
Bank loans (see note 13) 77,913 77,913

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 15,638
Provided during year 1,000
Balance at 30 January 2024 16,638

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.1.24 30.1.23
value: £    £   
100 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 46,976
Profit for the year 14,582
At 30 January 2024 61,558

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
£    £   
N Hibbert
Balance outstanding at start of year 285,601 278,635
Amounts advanced 27,329 6,966
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 312,930 285,601

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.