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LP ASSET MANAGEMENT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






LP ASSET MANAGEMENT LTD (REGISTERED NUMBER: 08390336)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LP ASSET MANAGEMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: T Crowch





REGISTERED OFFICE: Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS





REGISTERED NUMBER: 08390336 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

LP ASSET MANAGEMENT LTD (REGISTERED NUMBER: 08390336)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 88,548 93,968
Tangible assets 5 8,399 8,888
Investments 6 149,333 149,333
246,280 252,189

CURRENT ASSETS
Debtors 7 177,364 40,504
Cash at bank and in hand 20,222 17,421
197,586 57,925
CREDITORS
Amounts falling due within one year 8 131,063 98,539
NET CURRENT ASSETS/(LIABILITIES) 66,523 (40,614 )
TOTAL ASSETS LESS CURRENT LIABILITIES 312,803 211,575

CREDITORS
Amounts falling due after more than one year 9 (173,482 ) (112,263 )

PROVISIONS FOR LIABILITIES 10 (1,600 ) (1,700 )
NET ASSETS 137,721 97,612

CAPITAL AND RESERVES
Called up share capital 11 108 108
Share premium 24,992 24,992
Retained earnings 112,621 72,512
SHAREHOLDERS' FUNDS 137,721 97,612

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LP ASSET MANAGEMENT LTD (REGISTERED NUMBER: 08390336)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





T Crowch - Director


LP ASSET MANAGEMENT LTD (REGISTERED NUMBER: 08390336)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

LP Asset Management 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis which assumes the continued support of the banks and the directors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

LP ASSET MANAGEMENT LTD (REGISTERED NUMBER: 08390336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 108,397
AMORTISATION
At 1 November 2022 14,429
Amortisation for year 5,420
At 31 October 2023 19,849
NET BOOK VALUE
At 31 October 2023 88,548
At 31 October 2022 93,968

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2022 4,882 4,137 8,290 17,309
Additions - - 2,252 2,252
Disposals (3,527 ) - - (3,527 )
At 31 October 2023 1,355 4,137 10,542 16,034
DEPRECIATION
At 1 November 2022 3,764 1,865 2,792 8,421
Charge for year 215 568 1,699 2,482
Eliminated on disposal (3,268 ) - - (3,268 )
At 31 October 2023 711 2,433 4,491 7,635
NET BOOK VALUE
At 31 October 2023 644 1,704 6,051 8,399
At 31 October 2022 1,118 2,272 5,498 8,888

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 149,333
NET BOOK VALUE
At 31 October 2023 149,333
At 31 October 2022 149,333

LP ASSET MANAGEMENT LTD (REGISTERED NUMBER: 08390336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 177,364 40,504

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,635 23,444
Trade creditors 40,742 36,742
Taxation and social security 53,920 26,778
Other creditors 15,766 11,575
131,063 98,539

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 153,274 49,465
Amounts owed to group undertakings 20,208 62,798
173,482 112,263

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,600 1,700

Deferred
tax
£   
Balance at 1 November 2022 1,700
Provided during year (100 )
Accelerated capital allowance
Balance at 31 October 2023 1,600

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
108 ordinary £1.00 108 108

LP ASSET MANAGEMENT LTD (REGISTERED NUMBER: 08390336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
T Crowch
Balance outstanding at start of year - 2,500
Amounts advanced 6,239 -
Amounts repaid (5,289 ) (2,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 950 -