2023-03-012024-02-292024-02-29falseSC641255LORIMER PROPERTY GROUP 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LORIMER PROPERTY GROUP LTD

(formerly LORIMER STEVENSON LTD)

Registered Number
SC641255
(Scotland)

Unaudited Financial Statements for the Year ended
29 February 2024

LORIMER PROPERTY GROUP LTD
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

LORIMER, Raymond Hastings
MCKEE, Paul Thomas

Registered Address

18 Taylor Street
Ayr
KA8 8AU

Registered Number

SC641255 (Scotland)
LORIMER PROPERTY GROUP LTD
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3200,68363,997
Tangible assets45,4751,496
206,15865,493
Current assets
Debtors51,337,8281,261,854
Cash at bank and on hand25,37134,931
1,363,1991,296,785
Creditors amounts falling due within one year6(1,550,614)(1,400,368)
Net current assets (liabilities)(187,415)(103,583)
Total assets less current liabilities18,743(38,090)
Net assets18,743(38,090)
Capital and reserves
Called up share capital295,100295,100
Profit and loss account(276,357)(333,190)
Shareholders' funds18,743(38,090)
The financial statements were approved and authorised for issue by the Board of Directors on 13 September 2024, and are signed on its behalf by:
LORIMER, Raymond Hastings
Director
Registered Company No. SC641255
LORIMER PROPERTY GROUP LTD
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year2217
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 March 2373,13973,139
Additions160,000160,000
At 29 February 24233,139233,139
Amortisation and impairment
At 01 March 239,1429,142
Charge for year23,31423,314
At 29 February 2432,45632,456
Net book value
At 29 February 24200,683200,683
At 28 February 2363,99763,997
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 March 234,0014,001
Additions5,7765,776
At 29 February 249,7779,777
Depreciation and impairment
At 01 March 232,5052,505
Charge for year1,7971,797
At 29 February 244,3024,302
Net book value
At 29 February 245,4755,475
At 28 February 231,4961,496
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables872,3181,016,939
Prepayments and accrued income465,510244,915
Total1,337,8281,261,854
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,477,5051,352,630
Accrued liabilities and deferred income73,10947,738
Total1,550,6141,400,368
7.Events after reporting date
Since the reporting date of 29th Feb, the residential factoring division of Lorimer Property Group Ltd has now been sold. This will improve the financial position of the business.