Company registration number 13398955 (England and Wales)
LIME INVESTMENT HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LIME INVESTMENT HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
LIME INVESTMENT HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
10
10
Current assets
Debtors
5
8,904,578
8,959,670
Cash at bank and in hand
20,325
505
8,924,903
8,960,175
Creditors: amounts falling due within one year
6
(19,918,459)
(12,646,855)
Net current liabilities
(10,993,556)
(3,686,680)
Net liabilities
(10,993,546)
(3,686,670)
Capital and reserves
Called up share capital
7
10,100
10,100
Profit and loss reserves
(11,003,646)
(3,696,770)
Total equity
(10,993,546)
(3,686,670)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered 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 26 September 2024 and are signed on its behalf by:
Mr C Gandy
Mr G L Rabinowitz
Director
Director
Company registration number 13398955 (England and Wales)
LIME INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Lime Investment Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Portland Place, London, W1B 1PU.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future. The validity of the assumption depends entirely on the continuing support of the Group's bankers, investors and creditors.

 

The directors believe that the Group's bankers, investors and creditors will continue to support the Group and that it is therefore appropriate for the financial statements to be prepared on the going concern basis.

 

The financial statements do not include adjustments that would result if the support were not made available.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LIME INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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 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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

LIME INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
10
10
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,904,478
8,959,570
Other debtors
100
100
8,904,578
8,959,670
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
32,695
24,895
Other creditors
19,885,764
12,621,960
19,918,459
12,646,855
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
1,000,000
1,000,000
10,000
10,000
B Ordinary shares of 1p each
10,000
10,000
100
100
1,010,000
1,010,000
10,100
10,100
LIME INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Called up share capital
(Continued)
- 5 -

The A Ordinary shares carry full voting rights of one vote per share in any circumstances. The shares participate in distributions on a varying basis according to the performance of the company and the prior returns to shareholders, including for dividends, capital distributions and on winding up. The shares do not confer any rights of redemption.

 

The B Ordinary shares do not carry voting rights in any circumstances. The shares participate in distributions on a varying basis according to the performance of the company and the prior returns to shareholders, including for dividends, capital distributions and on winding up. The shares do not confer any rights of redemption.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Material uncertainty related to going concern

In forming our opinion, we have considered the adequacy of the disclosures made in Note 1.2 of the financial statements concerning the Group's bankers', investors’ and creditors' continued support of the Group.

 

In view of the significance of the fact that the preparation of the financial statements on the going concern basis assumes the continued support of the Group's bankers, investors and creditors, we consider that these disclosures should be brought to your attention. Our opinion is not qualified in this respect.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
Paul Faber FCA
Statutory Auditor:
Landau Morley LLP
Date of audit report:
26 September 2024
9
Financial commitments, guarantees and contingent liabilities

The company has given security (in favour of Fortwell Capital Limited) over the shares in the wholly owned subsidiary company. The company has also agreed to subordinate its shareholder loan (of £19,867,459 made to the wholly owned subsidiary) behind the secured loan of £5,431,070 owed by the subsidiary to Fortwell Capital Limited.

10
Related party transactions
Transactions with related parties

Included in other creditors are non-interest bearing loans due to the shareholders, which are due to be repaid by 31 December 2028, although these are repayable on demand (with the consent of the lender):

 

LIME INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
11
Parent company

The ultimate controlling party of Lime Investment Holdings Limited is Townsend Real Estate Alpha Fund III L.P., a fund managed by Townsend Holdings LLC, which is registered in Delaware, USA.

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