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Registered number: 08521511









LDL Corporate Ltd









Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
LDL Corporate Ltd
 
 
Company Information


Directors
R Darroch 
S Noble 




Registered number
08521511



Registered office
Unit 12 Graphite Way
Rossington Park

Hadfield

Derbyshire

SK13 1QH




Independent auditors
Hurst Accountants Limited
Chartered Accountants and Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
LDL Corporate Ltd
 

Contents



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 20


 
LDL Corporate Ltd
 
 
Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023. 

Principal activity
 
The principal activity of the company during the year was of that of a property company. 
Business model
The company leases a warehouse unit to a related group company for a market price rent. 
Business Review
The parent company, LDL Holdings Limited, was acquired during the prior year in a management buy-out led by the existing management team. The company remortgaged its property and advanced the surplus of the proceeds following settlement of the existing mortgage to LDL Group Holdings Limited to facilitate the buy-out. The primary trading entity of the LDL Group Holdings Limited group, LDL Components Limited, remains the sole tenant of the company’s property.  

Principal risks and uncertainties
 
The company’s activities expose it primarily to interest rate risk and the commercial property market. 
Interest rate risk
The company’s borrowings are on a variable rate agreement and interest payments fluctuate in line with the Bank of England’s published rate. The business must ensure that the agreed rent reflects the current cost of servicing its debt to ensure it has sufficient resource to meet liabilities as they fall due. The current rent agreed is sufficient to cover a number of further rate rises and as banking covenants are assessed on a group basis, it is expected that increased rent, if required, would be agreed given common control. 
Commercial property market
The commercial property market impacts the open market valuation of the company’s property and as such impacts both the income potential of the company and asset valuation. Whilst the business is unable to influence the market, provisions in the lease agreement ensure the upkeep of the property to protect asset value. Common control of the company and the tenant allows the company greater flexibility in determining rent which mitigates the risk of a decrease in the value of its commercial property.  

Financial key performance indicators
 
Financial key performance indicators are as follows:
                                              
 2023  2022
Loan to Value                                    72%  74%
Income to capital repayments 107.5% 111.2%

Other key performance indicators
 
Other key performance indicators measured by the company are as follows:
- CBRE monthly index

Page 1

 
LDL Corporate Ltd
 

Strategic Report (continued)
For the Year Ended 31 December 2023


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



R Darroch
Director

Date: 4 September 2024

Page 2

 
LDL Corporate Ltd
 
 
 
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' 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 judgements and accounting estimates that are reasonable and prudent;

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 £9,873 (2022 - £14,996).

The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

R Darroch 
S Noble 

Future developments

The company will continue to lease a warehouse unit to a related group company for a market price rent. 

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.

Page 3

 
LDL Corporate Ltd
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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



R Darroch
Director

Date: 4 September 2024

Page 4

 
LDL Corporate Ltd
 
 
 
Independent Auditors' Report to the Members of LDL Corporate Ltd
 

Opinion


We have audited the financial statements of LDL Corporate Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. Our 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Page 5

 
LDL Corporate Ltd
 
 
 
Independent Auditors' Report to the Members of LDL Corporate Ltd (continued)


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

 
LDL Corporate Ltd
 
 
 
Independent Auditors' Report to the Members of LDL Corporate Ltd (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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
Identifying, evaluating, and complying with laws and regulations
Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 7

 
LDL Corporate Ltd
 
 
 
Independent Auditors' Report to the Members of LDL Corporate Ltd (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments. 
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.



Chris Stewardson (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants and Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

5 September 2024
Page 8

 
LDL Corporate Ltd
 
 
Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 3 
67,500
60,000

Gross profit
  
67,500
60,000

Administrative expenses
  
(9,106)
(19,537)

Operating profit
  
58,394
40,463

Interest payable and similar expenses
 6 
(42,122)
(19,007)

Profit before tax
  
16,272
21,456

Tax on profit
 7 
(6,399)
(6,460)

Profit for the financial year
  
9,873
14,996

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

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 
LDL Corporate Ltd
Registered number: 08521511

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 8 
511,158
523,703

Investments
 9 
1,134,156
1,134,156

  
1,645,314
1,657,859

Current assets
  

Debtors: amounts falling due after more than one year
 10 
718,327
718,327

Cash at bank and in hand
 11 
32,805
7,076

  
751,132
725,403

Creditors: amounts falling due within one year
 12 
(35,015)
(42,062)

Net current assets
  
 
 
716,117
 
 
683,341

Total assets less current liabilities
  
2,361,431
2,341,200

Creditors: amounts falling due after more than one year
 13 
(1,903,205)
(1,892,847)

  

Net assets
  
458,226
448,353


Capital and reserves
  

Called up share capital 
 15 
1
1

Capital redemption reserve
 16 
7,499
7,499

Profit and loss account
 16 
450,726
440,853

  
458,226
448,353


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Darroch
Director

Date: 4 September 2024

The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
LDL Corporate Ltd
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
7,499
425,857
433,357


Comprehensive income for the year

Profit for the year
-
-
14,996
14,996
Total comprehensive income for the year
-
-
14,996
14,996



At 1 January 2023
1
7,499
440,853
448,353


Comprehensive income for the year

Profit for the year
-
-
9,873
9,873
Total comprehensive income for the year
-
-
9,873
9,873


At 31 December 2023
1
7,499
450,726
458,226


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

LDL Corporate Ltd is a private company limited by members capital and incorporated in England and Wales. The address of its registered office and principal place of business is Unit 12 Graphite Way, Rossington Park, Hadfield, Derbyshire, SK13 1QH. 

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 judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of LDL Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Unit 12 Graphite Way, Rossington Park, Hadfield, Derbyshire SK13 1QH.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

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:

Rental income
Rental income from operating leases is recognised on a straight-line basis over the lease term. This includes any rent-free periods or other lease incentives. The total rental income to be received over the lease term is allocated evenly over the period, ensuring that income is recognised in the periods in which it is earned, in accordance with FRS 102 Section 20.

Page 12

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
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

Borrowing costs

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

 
2.7

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
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.

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:

Long-term leasehold property
-
50 years straight line

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

Page 13

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 14

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Rental income
67,500
60,000

67,500
60,000


All turnover arose within the United Kingdom.


4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
3,000
3,000


5.


Employees




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


        2023
        2022
            No.
            No.







Directors
2
3


6.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
42,122
19,007

42,122
19,007

Page 15

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
6,399
6,460


6,399
6,460


Total current tax
6,399
6,460

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
6,399
6,460

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
16,272
21,456


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
3,827
4,077

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
2,383

Other differences leading to an increase (decrease) in the tax charge
2,950
-

Marginal relief
(378)
-

Total tax charge for the year
6,399
6,460


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 16

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Tangible fixed assets





Long-term leasehold property

£



Cost or valuation


At 1 January 2023
627,250



At 31 December 2023

627,250



Depreciation


At 1 January 2023
103,547


Charge for the year on owned assets
12,545



At 31 December 2023

116,092



Net book value



At 31 December 2023
511,158



At 31 December 2022
523,703


9.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,134,156



At 31 December 2023
1,134,156





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

LDL Components Limited
Unit 12 Graphite Way, Hadfield, Glossop, SK13 1QH
Ordinary
100%

Page 17

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Debtors


Due after more than one year

Amounts owed by group undertakings
718,327
718,327



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
32,805
7,076



12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
22,460
23,466

Corporation tax
6,405
6,466

Other taxation and social security
3,150
2,650

Accruals and deferred income
3,000
9,480

35,015
42,062


On 30 August 2022, the company drew down on a HSBC facility agreement with the following terms:
Term loan
Facility limit: £562,500
Repayment terms: 180 monthly repayments of £4,233
Interest: 3.00% per annum above the Bank of England base rate
The bank loans are secured by way of a fixed and floating charge over all assets of the company.


13.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
514,233
533,875

Amounts owed to group undertakings
1,388,972
1,358,972

1,903,205
1,892,847


Terms of the bank loans can be seen in Note 12.

Page 18

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

14.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
22,460
23,466

Amounts falling due 1-2 years

Bank loans
24,450
25,105

Amounts falling due 2-5 years

Bank loans
86,111
83,107

Amounts falling due after more than 5 years

Bank loans
403,672
425,663

536,693
557,341



15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1
1
1



16.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 19

 
LDL Corporate Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

17.


Controlling party

The company is a wholly owned subsidiary undertaking of LDL Holdings Limited, a company incorporated in England and Wales. The registered address of LDL Holdings Limited is Unit 12 Graphite Way, Rossington Park, Hadfield, Derbyshire, SK13 1QH.
The largest group in which the results of the company are consolidated is that headed by LDL Group Holdings Limited. The consolidated accounts of this group are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ. No other group accounts include the results of the company.
The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 not to disclose transactions with wholly owned subsidiaries.
There is no overall controlling party of LDL Group Holdings Limited.

 
Page 20