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Registered Number: 13007741
England and Wales

 

 

 

LMR SOUTHPORT LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 105,000    120,000 
Tangible fixed assets 4 21,830    25,132 
126,830    145,132 
Current assets      
Stocks 5 20,000    20,000 
Debtors 6 18,301    17,690 
Cash at bank and in hand 53,327    31,676 
91,628    69,366 
Creditors: amount falling due within one year 7 (152,183)   (119,118)
Net current assets (60,555)   (49,752)
 
Total assets less current liabilities 66,275    95,380 
Creditors: amount falling due after more than one year 8 (44,955)   (88,909)
Net assets 21,320    6,471 
 

Capital and reserves
     
Called up share capital 9 1    1 
Profit and loss account 21,319    6,470 
Shareholders' funds 21,320    6,471 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 29 August 2024 and were signed by:


-------------------------------
L M Rooney
Director
1
General Information
LMR Southport Limited is a private company, limited by shares, registered in England and Wales, registration number 13007741, registration address Unit 2, Manor Court, Manor Mill Lane, Leeds, LS11 8LQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The director believe that the company 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.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 7 (2022 : 16).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 December 2022 150,000    150,000 
Additions  
Disposals  
At 30 November 2023 150,000    150,000 
Amortisation
At 01 December 2022 30,000    30,000 
Charge for year 15,000    15,000 
On disposals  
At 30 November 2023 45,000    45,000 
Net book values
At 30 November 2023 105,000    105,000 
At 30 November 2022 120,000    120,000 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 December 2022 34,708    34,708 
Additions 499    499 
Disposals  
At 30 November 2023 35,207    35,207 
Depreciation
At 01 December 2022 9,576    9,576 
Charge for year 3,801    3,801 
On disposals  
At 30 November 2023 13,377    13,377 
Net book values
Closing balance as at 30 November 2023 21,830    21,830 
Opening balance as at 01 December 2022 25,132    25,132 

The net book value of Fixtures and Fittings includes £ 21,830 (2022 £25,132) in respect of assets leased under finance leases or hire purchase contracts.

5.

Stocks

2023
£
  2022
£
Stocks 20,000    20,000 
20,000    20,000 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 18,301    17,690 
18,301    17,690 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 65,480    54,776 
Bank Loans & Overdrafts 9,888    5,412 
Taxation and Social Security 23,105    11,870 
Other Creditors 53,710    47,060 
152,183    119,118 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 44,955    88,909 
44,955    88,909 
The short and long term loans are secured against the business assets.

9.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1 Ordinary share of £1.00 each  
 

10.

Director’s loan

Director's loan transactions

At 30 November 2023, the director's loan account of £671 (2022: £1,337) is unsecured, repayable on demand and interest free.
During the year, the directors incurred the following transactions:

Director's loan   Balance B/F £
£
  Advances £
£
  Credits £
£
  Balance C/F £
£
L M Rooney 1,337  (49,554) 48,888  671 

11.

Control

The company was under the control of the director in the current period.
2