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REGISTERED NUMBER: 08129328 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LCMC LTD

LCMC LTD (REGISTERED NUMBER: 08129328)

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










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


LCMC LTD (REGISTERED NUMBER: 08129328)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 5,683 7,104
Investment property 5 497,413 497,413
503,096 504,517

CURRENT ASSETS
Debtors 6 392,964 337,275
Cash at bank 29,242 28,069
422,206 365,344
CREDITORS
Amounts falling due within one year 7 (377,280 ) (408,254 )
NET CURRENT ASSETS/(LIABILITIES) 44,926 (42,910 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

548,022

461,607

CREDITORS
Amounts falling due after more than one
year

8

(154,544

)

(181,618

)
NET ASSETS 393,478 279,989

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 393,378 279,889
393,478 279,989

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 director acknowledges his 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.

LCMC LTD (REGISTERED NUMBER: 08129328)

STATEMENT OF FINANCIAL POSITION - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





L D Cox - Director


LCMC LTD (REGISTERED NUMBER: 08129328)

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


1. STATUTORY INFORMATION

LCMC LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08129328

Registered office: Nicholson House
Shakespeare Way
Whitchurch Business Park
Whitchurch
Shropshire
SY13 1LJ

The principal activity of the company during the year was that of property rental.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment properties

The open market value of the investment properties has been determined by the directors, based on their experience of the market and the selling price of similar properties.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

LCMC LTD (REGISTERED NUMBER: 08129328)

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


2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rental income which is recognised in the period of rental.

The company also successfully manages the Renewable Heat Incentive grant for several sites on the agreement that the company is the beneficiary of the Renewable Heat Incentive.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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 the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

LCMC LTD (REGISTERED NUMBER: 08129328)

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


2. ACCOUNTING POLICIES - continued

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

LCMC LTD (REGISTERED NUMBER: 08129328)

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


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 62,545
DEPRECIATION
At 1 January 2023 55,441
Charge for year 1,421
At 31 December 2023 56,862
NET BOOK VALUE
At 31 December 2023 5,683
At 31 December 2022 7,104

5. INVESTMENT PROPERTY
Total
£   
COST
At 1 January 2023
and 31 December 2023 497,413
NET BOOK VALUE
At 31 December 2023 497,413
At 31 December 2022 497,413

The investment property is included at cost.The director believes this is to be an accurate reflection of the current market value at 31 December 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors - 1,065
Amounts owed by connected
companies 339,568 311,568
Prepayments and accrued income 53,396 24,642
392,964 337,275

Amounts owed by connected companies are unsecured, interest free and are repayable on demand.

LCMC LTD (REGISTERED NUMBER: 08129328)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 23,928 23,013
Other loans 6,000 6,000
Trade creditors 749 1,196
Tax 35,340 25,142
VAT - 605
Other creditors 43,746 43,746
Amounts due to connected
companies 205,169 256,598
Directors' current accounts 44,874 36,568
Accruals and deferred income 17,474 15,386
377,280 408,254

Amounts owed to connected companies are unsecured, interest free and are repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 24,879 23,928
Bank loans - 2-5 years 80,732 77,645
Bank loans payable more than
5 years by instalments 39,433 64,545
Other loans - 1-2 years 6,000 6,000
Other loans - 2-5 years 3,500 9,500
154,544 181,618

Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable more than
5 years by instalments 39,433 64,545
39,433 64,545

The bank loan is secured by a debenture and legal charge dated 27 April 2015 over the freehold property and other assets of the company in favour of Lloyds Bank plc.

The other loan is a Government Bounce Back Loan. The loan is repayable in July 2026. The interest is 2.5% per annum.

9. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.