Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3115true2023-01-01falseNo description of principal activity16trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06665400 2023-01-01 2023-12-31 06665400 2022-01-01 2022-12-31 06665400 2023-12-31 06665400 2022-12-31 06665400 c:Director1 2023-01-01 2023-12-31 06665400 d:PlantMachinery 2023-01-01 2023-12-31 06665400 d:PlantMachinery 2023-12-31 06665400 d:PlantMachinery 2022-12-31 06665400 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06665400 d:MotorVehicles 2023-01-01 2023-12-31 06665400 d:MotorVehicles 2023-12-31 06665400 d:MotorVehicles 2022-12-31 06665400 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06665400 d:FurnitureFittings 2023-01-01 2023-12-31 06665400 d:OfficeEquipment 2023-01-01 2023-12-31 06665400 d:OfficeEquipment 2023-12-31 06665400 d:OfficeEquipment 2022-12-31 06665400 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06665400 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06665400 d:OtherPropertyPlantEquipment 2023-12-31 06665400 d:OtherPropertyPlantEquipment 2022-12-31 06665400 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06665400 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06665400 d:Goodwill 2023-12-31 06665400 d:Goodwill 2022-12-31 06665400 d:CurrentFinancialInstruments 2023-12-31 06665400 d:CurrentFinancialInstruments 2022-12-31 06665400 d:Non-currentFinancialInstruments 2023-12-31 06665400 d:Non-currentFinancialInstruments 2022-12-31 06665400 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06665400 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06665400 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06665400 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06665400 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 06665400 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 06665400 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 06665400 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 06665400 d:ShareCapital 2023-12-31 06665400 d:ShareCapital 2022-12-31 06665400 d:OtherMiscellaneousReserve 2023-12-31 06665400 d:OtherMiscellaneousReserve 2022-12-31 06665400 d:RetainedEarningsAccumulatedLosses 2023-12-31 06665400 d:RetainedEarningsAccumulatedLosses 2022-12-31 06665400 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06665400 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06665400 c:FRS102 2023-01-01 2023-12-31 06665400 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06665400 c:FullAccounts 2023-01-01 2023-12-31 06665400 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06665400 2 2023-01-01 2023-12-31 06665400 6 2023-01-01 2023-12-31 06665400 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06665400










L M TRADING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023



 
L M TRADING LIMITED
REGISTERED NUMBER: 06665400

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,896
4,796

Investments
 6 
357,000
357,000

  
358,896
361,796

Current assets
  

Debtors: amounts falling due within one year
 7 
66,717
100,538

Cash at bank and in hand
  
-
14,580

  
66,717
115,118

Creditors: amounts falling due within one year
 8 
(125,695)
(121,029)

Net current liabilities
  
 
 
(58,978)
 
 
(5,911)

Total assets less current liabilities
  
299,918
355,885

Creditors: amounts falling due after more than one year
 9 
(79,153)
(119,862)

Provisions for liabilities
  

Deferred tax
 11 
(360)
(293)

  
 
 
(360)
 
 
(293)

Net assets
  
220,405
235,730


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
  
17,721
17,721

Profit and loss account
  
202,683
218,008

  
220,405
235,730


Page 1

 
L M TRADING LIMITED
REGISTERED NUMBER: 06665400
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.




D S Gharial
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

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.

 
1.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
1.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.6

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.

Page 3

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
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
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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.11

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.

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:

Plant and machinery
-
33%
Straight Line
Motor vehicles
-
25%
Straight Line
Fixtures and fittings
-
Office equipment
-

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.

 
1.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
1.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

L M Trading Limited is a private company, limited by shares and registered in England.
Its registered number is: 06665400
The address of its registered office is:
32 Bancroft 
Hitchin
Hertfordshire
SG5 1LA


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 16).

Page 6

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
14,758



At 31 December 2023

14,758



Amortisation


At 1 January 2023
14,758



At 31 December 2023

14,758



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 7

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
79,697
4,163
15,404
45,000
144,264


Additions
-
-
666
-
666


Disposals
-
-
(349)
-
(349)



At 31 December 2023

79,697
4,163
15,721
45,000
144,581



Depreciation


At 1 January 2023
79,572
4,163
10,733
45,000
139,468


Charge for the year on owned assets
63
-
3,503
-
3,566


Disposals
-
-
(349)
-
(349)



At 31 December 2023

79,635
4,163
13,887
45,000
142,685



Net book value



At 31 December 2023
62
-
1,834
-
1,896



At 31 December 2022
125
-
4,671
-
4,796


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
357,000



At 31 December 2023
357,000




Page 8

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
14,686
2,056

Amounts owed by group undertakings
35,531
91,606

Other debtors
7,218
4,474

Prepayments and accrued income
9,282
2,402

66,717
100,538



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
17,791
-

Bank loans
40,000
40,000

Trade creditors
17,321
18,801

Corporation tax
4,196
8,094

Other taxation and social security
39,452
37,384

Other creditors
5,285
15,175

Accruals and deferred income
1,650
1,575

125,695
121,029



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
79,153
119,862

79,153
119,862


Page 9

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
40,000
40,000


40,000
40,000

Amounts falling due 1-2 years

Bank loans
40,000
40,000


40,000
40,000

Amounts falling due 2-5 years

Bank loans
39,153
79,862


39,153
79,862


119,153
159,862


Page 10

 
L M TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(293)


Charged to profit or loss
(67)



At end of year
(360)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(360)
(293)

(360)
(293)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets 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 £7,135 (2022: £6,119). Contributions totalling £1,499 (2022: £1,303) were payable to the fund at the reporting date and are included in creditors.


13.


Controlling party

The controlling party of the Company is Naanak Holdings Ltd, a company owned by the director D S Gharial. 

 
Page 11