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REGISTERED NUMBER: SC032637















LENMAR LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






LENMAR LIMITED (REGISTERED NUMBER: SC032637)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


LENMAR LIMITED (REGISTERED NUMBER: SC032637)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,255 27,359
Investment property 5 780,000 780,000
803,255 807,359

CURRENT ASSETS
Debtors 6 7,435 6,032
Cash at bank 12,130 10,914
19,565 16,946
CREDITORS
Amounts falling due within one year 7 10,000 9,769
NET CURRENT ASSETS 9,565 7,177
TOTAL ASSETS LESS CURRENT
LIABILITIES

812,820

814,536

CREDITORS
Amounts falling due after more than one
year

8

(8,994

)

(16,266

)

PROVISIONS FOR LIABILITIES (59,825 ) (59,825 )
NET ASSETS 744,001 738,445

CAPITAL AND RESERVES
Called up share capital 101 101
Share premium 616,398 616,398
Non-distributable reserve 255,045 255,045
Retained earnings (127,543 ) (133,099 )
SHAREHOLDERS' FUNDS 744,001 738,445

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LENMAR LIMITED (REGISTERED NUMBER: SC032637)

BALANCE SHEET - continued
31 DECEMBER 2023


The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





Dr D Walton CBE - Director


LENMAR LIMITED (REGISTERED NUMBER: SC032637)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Lenmar Limited is a private company, limited by shares, registered in Scotland. The company's registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable to the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. There were no material departures from this standard.

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

The company's profitability is dependent upon the valuation of the company's investment property. In March 2023, a professional valuation of the company's investment property was undertaken which confirmed that the fair value of the property was consistent with its carrying value and in the opinion of the directors, that valuation remains appropriate as at 31 December 2023. Unrealised gains arising from valuations have been included in a non-distributable fair value reserve. As at 31 December 2023, the company continues to have negative distributable reserves.

Despite the above, having assessed all potential impacts and future commitments, the directors are satisfied that the company remains a going concern due to the availability of financial support if required from the parent undertaking.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover
Turnover represents rentals receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33.3% on cost and 15% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and impairment losses.

Impairment of non-financial assets
At each reporting date, non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

LENMAR LIMITED (REGISTERED NUMBER: SC032637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Investment property
All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non- distributable reserve (fair value reserve) in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

LENMAR LIMITED (REGISTERED NUMBER: SC032637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 97,888
DEPRECIATION
At 1 January 2023 70,529
Charge for year 4,104
At 31 December 2023 74,633
NET BOOK VALUE
At 31 December 2023 23,255
At 31 December 2022 27,359

LENMAR LIMITED (REGISTERED NUMBER: SC032637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 780,000
NET BOOK VALUE
At 31 December 2023 780,000
At 31 December 2022 780,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2015 87,870
Valuation in 2016 50,000
Valuation in 2017 65,000
Valuation in 2022 112,000
Cost 465,130
780,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 28 March 2023 by a professionally qualified external firm of surveyors. The directors have reviewed this valuation and consider that the carrying value of £780,000 continues to reflect the property's fair value as at 31 December 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 7,435 6,032

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 8,000 8,000
Other creditors 2,000 1,769
10,000 9,769

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 8,994 16,266

LENMAR LIMITED (REGISTERED NUMBER: SC032637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. RELATED PARTY DISCLOSURES

During the year, the directors paid rent of £30,180 (2022: £29,502) to the company for the use of the investment property.

As at 31 December 2023, the loan balance owed by the company to Walton Foundation, its parent entity, amounts to £16,994 (2022: £24,266). Interest is payable at 3% on the outstanding loan balance and, during the year ended 31 December 2023, this amounted to £728 (2022: £940).

10. CONTROLLING PARTY

The company is a wholly owned subsidiary undertaking of Walton Foundation, an unincorporated charity
registered in Scotland. The parent undertaking's registered address is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ .