Company registration number 03901057 (England and Wales)
LLORET MAINTENANCE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LLORET MAINTENANCE LIMITED
COMPANY INFORMATION
Directors
S J Sjoblom
R G Smith
D A Lovelock
C L Young
Secretary
C L Young
Company number
03901057
Registered office
Lloret House
20 Ullswater Crescent
Coulsdon
Surrey
CR5 2HR
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
LLORET MAINTENANCE LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
LLORET MAINTENANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be the maintenance of electronic control systems.
Results and dividends
No ordinary dividends were paid during the year. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S J Sjoblom
R G Smith
D A Lovelock
C L Young
Auditor
The auditor, Beavis Morgan Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
D A Lovelock
Director
19 September 2024
LLORET MAINTENANCE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
LLORET MAINTENANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LLORET MAINTENANCE LIMITED
- 3 -
Opinion
We have audited the financial statements of Lloret Maintenance Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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.
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 Auditor's 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 UK, including the FRC’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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
LLORET MAINTENANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LLORET MAINTENANCE LIMITED (CONTINUED)
- 4 -
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 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
LLORET MAINTENANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LLORET MAINTENANCE LIMITED (CONTINUED)
- 5 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.
Richard Thacker
Senior Statutory Auditor
For and on behalf of Beavis Morgan Audit Limited
19 September 2024
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
LLORET MAINTENANCE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
£
£
Turnover
2,000,922
2,728,618
Cost of sales
(1,418,006)
(1,950,700)
Gross profit
582,916
777,918
Administrative expenses
(560,529)
(770,039)
Operating profit
22,387
7,879
Interest receivable and similar income
6,122
343
Interest payable and similar expenses
(6,459)
(15,627)
Profit/(loss) before taxation
22,050
(7,405)
Tax on profit/(loss)
(7,000)
16,021
Profit for the financial year
15,050
8,616
LLORET MAINTENANCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,856
22,085
Current assets
Debtors
5
555,019
841,137
Cash at bank and in hand
261,157
285,812
816,176
1,126,949
Creditors: amounts falling due within one year
6
(310,847)
(601,899)
Net current assets
505,329
525,050
Total assets less current liabilities
507,185
547,135
Creditors: amounts falling due after more than one year
7
-
(55,000)
Net assets
507,185
492,135
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
507,183
492,133
Total equity
507,185
492,135
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
D A Lovelock
Director
Company Registration No. 03901057
LLORET MAINTENANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
2
483,517
483,519
Year ended 31 December 2022:
Profit and total comprehensive income
-
8,616
8,616
Balance at 31 December 2022
2
492,133
492,135
Year ended 31 December 2023:
Profit and total comprehensive income
-
15,050
15,050
Balance at 31 December 2023
2
507,183
507,185
LLORET MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information
Lloret Maintenance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lloret House, 20 Ullswater Crescent, Coulsdon, Surrey, CR5 2HR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
50% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Long term contracts and revenue recognition
Revenue comprises amounts receivable under customer contracts, net of value added tax.
Where the outcome of a customer contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is assessed on the basis of work performed. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
LLORET MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LLORET MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the enacted or substantially enacted tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
LLORET MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Estimated useful lives of tangible assets
Estimation is required in determining the useful lives of such assets and their residual values. See note 4 for the carrying value of tangible fixed assets.
Revenue recognition
Estimation is required in calculating the stage of completion of contracts, in order to determine the amount of revenue which can be recognised for the provision of professional services. See note 5 and note 6 for the carrying amounts of balances associated with the accounting for long term contracts.
Bad and doubtful debts
Provisions are made of those debts considered by the directors to be doubtful. The debts considered to be irrevocably bad are written off. See note 5 for the carrying amounts of trade debtors.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
20
LLORET MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
224,503
Disposals
(53,050)
At 31 December 2023
171,453
Depreciation and impairment
At 1 January 2023
202,418
Depreciation charged in the year
9,143
Eliminated in respect of disposals
(41,964)
At 31 December 2023
169,597
Carrying amount
At 31 December 2023
1,856
At 31 December 2022
22,085
The net book value of tangible fixed assets includes £1,856 (2022: £22,085) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £9,143 (2022: £39,584) for the year.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
436,205
736,548
Corporation tax recoverable
54,000
61,000
Amounts owed by group undertakings
27,671
Other debtors
36,539
42,985
554,415
840,533
Deferred tax asset
604
604
555,019
841,137
Other debtors includes £35,206 (2022: £41,906) of amounts recoverable on long term contracts.
LLORET MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
55,000
60,000
Trade creditors
54,609
264,740
Taxation and social security
103,080
106,146
Other creditors
98,158
171,013
310,847
601,899
The bank loan is a Coronavirus Business Interruption Loan that is 80% backed by the government. The amount is repayable by monthly instalments and matures on 25 November 2024. It has an interest rate of base rate plus 2.34%.
Other creditors includes £35,206 (2022: £117,641) of accruals and deferred income arising from the accounting for long term contracts.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
55,000
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
7,712
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Finance lease liabilities are included within other creditors.
9
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,954
43,737
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
LLORET MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
10
Called up share capital
2023
2022
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
11
Financial commitments, guarantees and contingent liabilities
The company is party to a cross guarantee and debenture with fellow subsidiary Lloret Control Systems Limited and parent company Lloret Holdings Limited over loan and overdraft facilities.
The amount guaranteed by the company under this agreement at 31 December 2023 was £137,500 (2022: £287,500) which is secured by fixed and floating charges over the assets of the company and its fellow subsidiary companies as per a debenture dated 14 September 2015.
12
Events after the reporting date
Subsequent to the year end, management decided to merge the operations of Lloret Maintenance Limited and fellow subsidiary undertaking Lloret Control Systems Limited. From February 2024, post the balance sheet date, there has been a systematic transfer of all ongoing and new projects from Lloret Maintenance Limited to Lloret Control Systems Limited. This is part of a strategic move intended to consolidate the project activities under Lloret Control Systems Limited.
This merger has enabled management to reduce the administrative burden of maintaining two separate entities and to present a unified brand identity as "Lloret" to stakeholders. This restructuring is material to operational and financial future, with its effects to be reflected in subsequent financial statements.
No adjustments are required to the financial statements as a consequence of the decision to merge operations.
13
Related party transactions
As permitted under FRS102 s33.1A, the financial statements do not disclose transactions with the parent undertaking and wholly owned fellow subsidiaries.
Lloret Control Systems Limited
At the balance sheet date trade debtors included £2,916 (2022 - £3,539), trade creditors included £12,263 (2022 - £59,331) and amounts owed by group undertakings included £27,671 (2022 - £7,534 creditor included within other creditors) due to/from Lloret Control Systems Limited ("LCSL").
LCSL is related by virtue of common ownership and directorship.
Lloret Fire Solutions Limited
During the year the company charged sales of £74,038 (2022 - £190,271) and made purchases of £nil (2022 - £3,400) from Lloret Fire Solutions Limited ("LFSL").
At the balance sheet date, the company owed £10,768 to (2022 - £113,742 owed from) LFSL.
LFSL is related by virtue of common directorship.
LLORET MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
14
Ultimate controlling party
The immediate parent company is Lloret Holdings Limited, a company registered in England and Wales. Lloret Holdings Limited is both the largest and smallest group into which Lloret Maintenance Limited is consolidated. A copy of the group financial statements may be obtained from Lloret House, 20 Ullswater Crescent, Coulsdon, Surrey, CR5 2HR.
The ultimate parent company in its capacity as sole trustee of Lloret Group Employee Ownership Trust is Lloret EOT Limited, a company limited by guarantee and registered in England and Wales.
There is no one ultimate controlling party.
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