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Registered number: 09609607














LONDON MANAGEMENT GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
LONDON MANAGEMENT GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
M T Glas 
E Mouzannar 




Registered number
09609607



Registered office
105 Piccadilly

London

W1J 7NJ




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
LONDON MANAGEMENT GROUP LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 22


 
LONDON MANAGEMENT GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report and the financial statements for the year ended 31 December 2023.

Business review
 
The directors are satisfied with the performance of the company.

Principal risks and uncertainties
 
Overview
The board of directors is responsible for determining the level of risk acceptable to the company. This is subject to a regular review. The company seeks to mitigate its risks through the application of appropriate procedures and controls. The procedures and controls are reviewed on a regular basis.
Liquidity risk
The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet the requirements set out by the Financial Conduct Authority (FCA) and to invest cash assets safely and profitably. The company has sufficient liquidity and reserves at the year end for its working capital needs.
Credit risk
The company's principal financial assets are cash and debtors. The principal credit risk arises therefore from its debtors. In order to manage credit risk the directors actively manage debtors by monitoring outstanding balances regularly.

Financial key performance indicators
 
Given the straightforward nature of the business, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

Directors' statement of compliance with duty to promote the success of the company
 
The board of directors consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 December 2023.
In coming to this conclusion, the directors have considered the following:
 
Consideration of long-term consequences are an inherent part of the company's decision-making processes. As a privately-owned company, the board considers that the interests of the company and its shareholders are aligned in seeking sustainable value creation over the longer term through the company's operations, promoting long term strategic decision-making.
The company has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the company.  
The company operates in the Financial Sector which is sector characterised by long term relationships with stakeholders and is driven largely by maintaining strong relationships. Maintaining a reputation for high standards of business conduct is vital and the company expects all parties with whom it transacts always act with integrity, openly, honestly and ethically. The company has zero tolerance to fraud and maintains effective oversight and scrutiny processes, executed with independence and impartiality.
Page 1

 
LONDON MANAGEMENT GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the company (continued)
 
When taking decisions, the board considers the potential impact the decisions they take may have on the environmental and socially. Given the size of the business the impact of the company’s operations on the community and environment is not considerable.
The integrity of the company is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity, fraud and whistleblowing, each of which is reinforced through appropriate training.  
The directors are also shareholders of the company. They believe that their interests are aligned with that of the company.


This report was approved by the board on 24 April 2024 and signed on its behalf.



E Mouzannar
Director

Page 2

 
LONDON MANAGEMENT GROUP LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

M T Glas 
E Mouzannar 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £35,640 (2022 - £283,039).

During the year dividends totalling £116,353 (2022 - £367,374) were paid.

Future developments

There are no plans which will significantly change the activities and risks of the company.

Qualifying third party indemnity provisions

The company has granted an indemnity to the directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.

Page 3

 
LONDON MANAGEMENT GROUP LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 24 April 2024 and signed on its behalf.
 





E Mouzannar
Director

Page 4

 
LONDON MANAGEMENT GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MANAGEMENT GROUP LIMITED
 

Opinion


We have audited the financial statements of London Management Group Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 31 December 2023 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 United Kingdom, including the Financial Reporting Council'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 included in the Annual Report, other than the financial statements and our Auditors' report 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.


Page 5

 
LONDON MANAGEMENT GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MANAGEMENT GROUP LIMITED (CONTINUED)

Other information (continued)
In connection with our audit of the financial statementsour 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
LONDON MANAGEMENT GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MANAGEMENT GROUP LIMITED (CONTINUED)

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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, rules and regulations set by the Financial Conduct Authority which are applicable to the Company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.
Page 7

 
LONDON MANAGEMENT GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MANAGEMENT GROUP LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Martyn Atkinson FCA (Senior statutory auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

24 April 2024
Page 8

 
LONDON MANAGEMENT GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
519,978
782,892

Cost of sales
  
(27,239)
(37,558)

Gross profit
  
492,739
745,334

Administrative expenses
  
(444,330)
(392,084)

Operating profit
 4 
48,409
353,250

Interest receivable and similar income
  
133
-

Profit before tax
  
48,542
353,250

Tax on profit
 8 
(12,902)
(70,211)

Profit for the financial year
  
35,640
283,039

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 22 form part of these financial statements.

Page 9

 
LONDON MANAGEMENT GROUP LIMITED
REGISTERED NUMBER:09609607

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
4,029
3,352

Current assets
  

Debtors: amounts falling due within one year
 10 
360,856
514,001

Cash at bank and in hand
  
71,759
102,573

  
432,615
616,574

Current liabilities
  

Creditors: amounts falling due within one year
 11 
(187,032)
(253,601)

Net current assets
  
 
 
245,583
 
 
362,973

  

Net assets
  
249,612
366,325


Capital and reserves
  

Called up share capital 
 12 
22,500
22,500

Share premium account
 13 
180,000
180,000

Profit and loss account
 13 
47,112
163,825

  
249,612
366,325


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2024.




E Mouzannar
Director

The notes on pages 14 to 22 form part of these financial statements.

Page 10

 
LONDON MANAGEMENT GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
22,500
180,000
248,160
450,660



Profit for the year
-
-
283,039
283,039

Dividends: Equity capital
-
-
(367,374)
(367,374)



At 1 January 2023
22,500
180,000
163,825
366,325



Profit for the year
-
-
35,640
35,640

Dividends: Equity capital
-
-
(152,353)
(152,353)


At 31 December 2023
22,500
180,000
47,112
249,612


The notes on pages 14 to 22 form part of these financial statements.

Page 11

 
LONDON MANAGEMENT GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
35,640
283,039

Adjustments for:

Depreciation of tangible assets
1,930
1,137

Interest received
(133)
-

Taxation charge
12,902
70,211

Decrease/(increase) in debtors
153,145
(232,094)

(Decrease)/increase in creditors
(8,710)
39,496

Corporation tax (paid)
(70,761)
(55,205)

Net cash generated from operating activities

124,013
106,584


Cash flows from investing activities

Purchase of tangible fixed assets
(2,607)
(2,170)

Interest received
133
-

Net cash from investing activities

(2,474)
(2,170)

Cash flows from financing activities

Dividends paid
(152,353)
(367,374)

Net cash used in financing activities
(152,353)
(367,374)

Net (decrease) in cash and cash equivalents
(30,814)
(262,960)

Cash and cash equivalents at beginning of year
102,573
365,533

Cash and cash equivalents at the end of year
71,759
102,573


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
71,759
102,573

71,759
102,573


The notes on pages 14 to 22 form part of these financial statements.

Page 12

 
LONDON MANAGEMENT GROUP LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

102,573

(30,814)

-

71,759

Debt due within 1 year

-

-

(5,117)

(5,117)


102,573
(30,814)
(5,117)
66,642

The notes on pages 14 to 22 form part of these financial statements.

Page 13

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

London Management Group Limited is a private limited liability company registered in England and Wales. Its registered office address and principal place of business is 105 Piccadilly, London W1J 7NJ.
The principal activity of the company during the year was that of investment management and investment advice. It is regulated by the Financial Conduct Authority.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

There are no critical accounting estimates and judgments that materially affect the financial statements.

 
2.2

Foreign currency translation

The company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.3

Turnover

Turnover represents management fees and commissions receivable on the provision of services net of value added tax. These fees and commissions are recognised in the period when the services are provided or transactions on which commissions are due have unconditionally occured.
Performance related fees are recognised in the period in which the company becomes entitled to them. Consultancy fees are recognised when the service is provided. 

Page 14

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

The company contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

 
2.7

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 15

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% - 25%
Office equipment
-
33.33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans to and from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors and loans to related parties. 
Cash at bank and in hand comprise cash balances and call deposits.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
91,647
36,207

Rest of Europe
262,501
325,392

Rest of the world
165,830
421,293

519,978
782,892


Page 16

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
5,824
(9,526)

Other operating lease rentals
60,340
4,028


5.


Auditors' remuneration

2023
2022
£
£


Fees payable to the company's auditors and its associates for the audit of the company's annual financial statements
11,775
9,975

All other services
8,460
10,215

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
77,613
123,877

Social security costs
4,944
7,213

Cost of defined contribution scheme
1,093
1,550

83,650
132,640


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff & Directors
4
3

Page 17

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
28,450
45,327

Company contributions to defined contribution pension schemes
-
330

28,450
45,657


During the year retirement benefits were accruing to no directors (2022 - 1) in respect of defined contribution pension schemes.


8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
12,902
70,211


Total current tax
12,902
70,211

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
48,542
353,250


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
11,417
67,117

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,087
3,739

Capital allowances for year in excess of depreciation
(506)
(645)

Marginal relief
(2,096)
-

Total tax charge for the year
12,902
70,211

Page 18

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)


Factors that may affect future tax charges

From 1 April 2023 the rate of corporation tax remains at 19% for companies with an annual profit of £50,000 or less, increases to 25% for companies with an annual profit of £250,000 or more, and increases to a marginal rate for companies with profits between £50,000 and £250,000. These thresholds are divided by the number of associated companies.


9.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
3,182
13,141
16,323


Additions
-
2,607
2,607



At 31 December 2023

3,182
15,748
18,930



Depreciation


At 1 January 2023
3,182
9,789
12,971


Charge for the year on owned assets
-
1,930
1,930



At 31 December 2023

3,182
11,719
14,901



Net book value



At 31 December 2023
-
4,029
4,029



At 31 December 2022
-
3,352
3,352

Page 19

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Debtors

2023
2022
£
£


Trade debtors
42,400
25,066

Other debtors
28,972
80,121

Prepayments and accrued income
289,484
408,814

360,856
514,001


During the year the company purchased services of £4,942 (2022: £5,287) from M T Glas, a director. At the reporting date £10,179 was receivable from (2022: £19,445 was due to) M T Glas, which is included in other debtors.

Interest has been charged on this balance at a rate of 2% p.a. and the director is expecting to repay the loan in full within 9 months of the year end date.


11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,015
29,433

Corporation tax
12,352
70,211

Other taxation and social security
1,765
6,285

Other creditors
5,381
19,907

Accruals and deferred income
160,519
127,765

187,032
253,601



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



202,500 Ordinary A shares of £0.10 each
20,250
20,250
22,500 ordinary B shares of £0.10 each
2,250
2,250

22,500

22,500

A Ordinary and B Ordinary shares rank pari passu in all respects, except for the distribution of dividends.


Page 20

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Reserves

Share premium account

The share premium account represents the amounts received by the company from the issue of shares over and above the par value of the shares. It is a capital reserve.

Profit and loss account

The profit and loss reserve represents the cumulative balance of retained profits and losses since the company started trading and is distributable.


14.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets and liabilities of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,093 (2022 - £1,550). Contributions totalling £264 (2022 - £453) were payable to the fund at the Statement of Financial Position date.


15.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
42,814
17,625

Later than 1 year and not later than 5 years
149,848
-

192,662
17,625


16.


Related party transactions

During the year the aggregate of rent, insurance and other costs charged by Cassioz Properties Limited, a company under common control, amounted to £35,494 (2022: -£6,376). The net of (receipts) and payments to Cassioz Properties Limited during the year amounted to (£19,058) (2022: £74,327). At the reporting date the company was owed £18,793 (2022: £73,345) by Cassioz Properties Limited.
During the year the company purchased services of £4,942 (2022: £5,287) from M T Glas, a director. At the reporting date £10,179 was receivable from (2022: £19,445 was due to) M T Glas.
During the year the company purchased services of £18,517 (2022: £5,117) from E Mouzannar, a director. At the reporting date £18,517 was due to (2022: £4,352 was due from) E Mouzannar.
During the year the company purchased services of £73,617 (2022: £53,606) from Zela AS, a shareholder. At the reporting date £Nil (2022: £Nil) was due to Zela AS.

Page 21

 
LONDON MANAGEMENT GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Controlling party

The company is under the control of M T Glas.

 
Page 22