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Registration number: 03341076

LMP Service Station Limited

Unaudited Filleted Financial Statements

for the Period from 29 December 2022 to 30 June 2023

 

LMP Service Station Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

LMP Service Station Limited

Company Information

Director

Ms M Parekh

Registered office

7 Greenhill House
Greenhill
Twyford
Banbury
OX17 3FJ

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
LMP Service Station Limited
for the Period Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LMP Service Station Limited for the period ended 30 June 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of LMP Service Station Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of LMP Service Station Limited and state those matters that we have agreed to state to the Board of Directors of LMP Service Station Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LMP Service Station Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that LMP Service Station Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of LMP Service Station Limited. You consider that LMP Service Station Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of LMP Service Station Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

3 October 2024

 

LMP Service Station Limited

(Registration number: 03341076)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

535,897

550,000

Current assets

 

Debtors

6

-

251,120

Cash at bank and in hand

 

173,049

192,791

 

173,049

443,911

Creditors: Amounts falling due within one year

7

(106,184)

(159,183)

Net current assets

 

66,865

284,728

Total assets less current liabilities

 

602,762

834,728

Provisions for liabilities

(101,652)

(104,314)

Net assets

 

501,110

730,414

Capital and reserves

 

Called up share capital

2

2

Other reserves

434,076

445,500

Retained earnings

67,032

284,912

Shareholders' funds

 

501,110

730,414

For the financial period ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 October 2024
 

.........................................
Ms M Parekh
Director

 

LMP Service Station Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Greenhill House
Greenhill
Twyford
Banbury
OX17 3FJ

These financial statements were authorised for issue by the director on 3 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services during the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

LMP Service Station Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

LMP Service Station Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 1 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 29 December 2022

1,983

1,983

At 30 June 2023

1,983

1,983

Depreciation

At 29 December 2022

1,983

1,983

At 30 June 2023

1,983

1,983

Carrying amount

At 30 June 2023

-

-

5

Investment properties

2023
£

At 29 December

550,000

Fair value adjustments

(14,103)

At 30 June

535,897


The independent valuation, dated 19 September 2019, was provided by Petty Chartered Surveyors.

 

LMP Service Station Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 30 June 2023

6

Debtors

2023
£

2022
£

Other debtors

-

251,120

-

251,120

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

20,616

65,431

Accruals and deferred income

60,788

63,750

Other creditors

24,780

30,002

106,184

159,183

8

Related party transactions

Transactions with the director

2023

At 29 December 2022
£

Advances to director
£

Written off
£

At 30 June 2023
£

Mrs L Parekh

Unsecured and repayable on demand: interest charged at the official rate

251,120

6,000

(257,120)

-

-

-

-

-

251,120

6,000

(257,120)

-

2022

At 29 December 2021
£

Advances to director
£

At 28 December 2022
£

Mrs L Parekh

Unsecured and repayable on demand: interest charged at the official rate

214,539

36,581

251,120

214,539

36,581

251,120