Company registration number 14457962 (England and Wales)
AG BLOOM LML LENDER LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
AG BLOOM LML LENDER LIMITED
COMPANY INFORMATION
Directors
Meta Beemer
(Appointed 2 November 2022)
Michael Diana
(Appointed 11 November 2022)
Thomas Rowley
(Appointed 11 November 2022)
Michael Diana
Company number
14457962
Registered office
23 Saville Row
London
W1S 2ET
AG BLOOM LML LENDER LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Statement of comprehensive income
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
AG BLOOM LML LENDER LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the period ended 31 December 2023.
Principal activities
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Meta Beemer
(Appointed 2 November 2022)
Michael Diana
(Appointed 11 November 2022)
Thomas Rowley
(Appointed 11 November 2022)
Jean-Baptiste Garcia
(Appointed 2 November 2022 and resigned 11 November 2022)
Mark Maduras
(Appointed 2 November 2022 and resigned 11 November 2022)
Anuj Mittal
(Appointed 2 November 2022 and resigned 11 November 2022)
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
Michael Diana
Thomas Rowley
Director
Director
4 October 2024
AG BLOOM LML LENDER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Period
ended
31 December
2023
Notes
£
Administrative expenses
(497)
Interest receivable and similar income
4
2,317,941
Interest payable and similar expenses
5
(2,317,941)
Loss before taxation
(497)
Tax on loss
6
Loss for the financial period
(497)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AG BLOOM LML LENDER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Period
ended
31 December
2023
£
Loss for the period
(497)
Other comprehensive income
-
Total comprehensive income for the period
(497)
AG BLOOM LML LENDER LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 4 -
2023
Notes
£
£
Long term receivables
7
41,113,666
Creditors: amounts falling due within one year
8
(497)
Net current assets
41,113,169
Creditors: amounts falling due after more than one year
9
(41,113,666)
Net liabilities
(497)
Capital and reserves
Profit and loss reserves
(497)
Total equity
(497)
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 4 October 2024 and are signed on its behalf by:
Michael Diana
Thomas Rowley
Director
Director
Company registration number 14457962 (England and Wales)
AG BLOOM LML LENDER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
Profit and loss reserves
Total
£
£
Balance at 2 November 2022
-
Period ended 31 December 2023:
Loss and total comprehensive income
(497)
(497)
Balance at 31 December 2023
(497)
(497)
AG BLOOM LML LENDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Company information
AG BLOOM LML LENDER LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 23 Saville Row, London, W1S 2ET.
1.1
Reporting period
[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]
1.2
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.
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.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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 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 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.
AG BLOOM LML LENDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
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.
AG BLOOM LML LENDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
3
4
Interest receivable and similar income
2023
£
Interest income
Interest receivable from group companies
2,317,941
2023
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
2,317,941
5
Interest payable and similar expenses
2023
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
2,317,941
6
Taxation
The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
2023
£
Loss before taxation
(497)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00%
(94)
Unutilised tax losses carried forward
94
Taxation charge for the period
-
7
Long term receivables
AG BLOOM LML LENDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
7
Long term receivables
(Continued)
- 9 -
2023
Amounts falling due after more than one year:
£
Amounts owed by group undertakings
41,113,666
8
Creditors: amounts falling due within one year
2023
£
Trade creditors
497
9
Creditors: amounts falling due after more than one year
2023
Notes
£
Other borrowings
10
41,113,666
10
Loans and overdrafts
2023
£
Loans from group undertakings
41,113,666
Payable after one year
41,113,666
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