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Registration number: 12075076

LMKB Property Services Ltd

Unaudited Filleted Financial Statements

for the Period from 1 July 2022 to 30 November 2023

 

LMKB Property Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

LMKB Property Services Ltd

Company Information

Directors

Ms PL Murphy

KA Beddard

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

LMKB Property Services Ltd

(Registration number: 12075076)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,238

1,050

Investment property

5

1,193,132

344,824

 

1,203,370

345,874

Current assets

 

Debtors

6

4,207

121,908

Cash at bank and in hand

 

2,836

72,877

 

7,043

194,785

Creditors: Amounts falling due within one year

7

(463,642)

(289,280)

Net current liabilities

 

(456,599)

(94,495)

Total assets less current liabilities

 

746,771

251,379

Creditors: Amounts falling due after more than one year

7

(687,019)

(257,334)

Provisions for liabilities

(19,945)

(7,376)

Net assets/(liabilities)

 

39,807

(13,331)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

39,805

(13,333)

Shareholders' funds/(deficit)

 

39,807

(13,331)

 

LMKB Property Services Ltd

(Registration number: 12075076)
Balance Sheet as at 30 November 2023

For the financial period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................
Ms PL Murphy
Director

 

LMKB Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the Board on 12 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

LMKB Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

LMKB Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

1,660

-

1,660

Additions

-

10,320

10,320

At 30 November 2023

1,660

10,320

11,980

Depreciation

At 1 July 2022

610

-

610

Charge for the period

415

717

1,132

At 30 November 2023

1,025

717

1,742

Carrying amount

At 30 November 2023

635

9,603

10,238

At 30 June 2022

1,050

-

1,050

 

LMKB Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 November 2023

5

Investment properties

2023
£

At 1 July

344,824

Additions

782,157

Fair value adjustments

66,151

At 30 November

1,193,132

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

-

117,628

Prepayments

 

1,684

3,130

Other debtors

 

2,523

1,150

   

4,207

121,908

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,579

1,525

Accruals and deferred income

 

1,680

1,680

Other creditors

 

460,383

286,075

 

463,642

289,280

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

589,639

187,334

Other non-current financial liabilities

 

97,380

70,000

 

687,019

257,334

 

LMKB Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 November 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

3,139

5,365

Other borrowings

586,500

181,969

589,639

187,334

Current loans and borrowings

2023
£

2022
£

Bank borrowings

1,579

1,525

10

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

KA Beddard

Directors loan account

(239,976)

42,339

(17,000)

(214,637)

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

KA Beddard

Directors loan account

(185,739)

89,864

(144,101)

(239,976)