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REGISTERED NUMBER: 07125975 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 December 2023

for

LMS Computer Services Ltd

LMS Computer Services Ltd (Registered number: 07125975)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LMS Computer Services Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M W Bateman
O J Gee
L E Mead





REGISTERED OFFICE: Lakeside House
Quarry Lane
Chichester
West Sussex
PO19 8NY





REGISTERED NUMBER: 07125975 (England and Wales)






LMS Computer Services Ltd (Registered number: 07125975)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 127,260 134,863

CURRENT ASSETS
Stocks 5 72,664 57,127
Debtors 6 118,129 63,426
Cash at bank 7 265,454 555,387
456,247 675,940
CREDITORS
Amounts falling due within one year 8 371,100 498,771
NET CURRENT ASSETS 85,147 177,169
TOTAL ASSETS LESS CURRENT
LIABILITIES

212,407

312,032

CREDITORS
Amounts falling due after more than one year 9 (15,558 ) (180,993 )

PROVISIONS FOR LIABILITIES 12 (29,233 ) (33,716 )
NET ASSETS 167,616 97,323

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 167,516 97,223
SHAREHOLDERS' FUNDS 167,616 97,323

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 directors acknowledge their 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.

LMS Computer Services Ltd (Registered number: 07125975)

Balance Sheet - 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





O J Gee - Director


LMS Computer Services Ltd (Registered number: 07125975)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

LMS Computer Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

Related party exemption
The company has taken advantage of the exemption given under Financial Reporting Standard 102 section 1AC.35 which allows exemption from disclosure of related party transactions with other group companies.

Critical accounting judgements and key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The annual depreciation charge on tangible fixed assets is sensitive to changed in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

The Company assesses annually whether goodwill and investments have been impaired. Management assesses the carrying value using a number of factors with a key focus being the previous and projected trading performance of the related company or business unit. This assessment is underpinned by certain assumptions around future performance and market conditions which Management consider reasonable at the time of the assessment, giving due consideration to plausible downside scenarios.

LMS Computer Services Ltd (Registered number: 07125975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles: 25%
Fixtures and fittings: 16%, 25%, 35% and 50%
Computer equipment: 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

LMS Computer Services Ltd (Registered number: 07125975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits: and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date..

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies
The Company's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

LMS Computer Services Ltd (Registered number: 07125975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months, following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 98,106 193,353 104,240 395,699
Additions 44,898 - 20,680 65,578
Disposals - (142,745 ) - (142,745 )
At 31 December 2023 143,004 50,608 124,920 318,532
DEPRECIATION
At 1 January 2023 65,383 132,655 62,798 260,836
Charge for year 25,660 12,745 14,869 53,274
Eliminated on disposal - (122,838 ) - (122,838 )
At 31 December 2023 91,043 22,562 77,667 191,272
NET BOOK VALUE
At 31 December 2023 51,961 28,046 47,253 127,260
At 31 December 2022 32,723 60,698 41,442 134,863

LMS Computer Services Ltd (Registered number: 07125975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. STOCKS
31.12.23 31.12.22
£    £   
Finished goods 72,664 57,127

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 33,751 39,606
Other debtors - 5,500
Rent Deposit 34,514 -
Prepayments and accrued income 49,864 18,320
118,129 63,426

Short-tern, debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

7. CASH AT BANK
31.12.23 31.12.22
£    £   
Bank account no. 1 265,454 555,387

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 10) - 60,000
Hire purchase contracts (see note 11) 5,998 5,998
Trade creditors 86,547 90,599
Tax 151,212 203,186
Other creditors 60,983 132,790
Accruals and deferred income 66,360 6,198
371,100 498,771

Short-tern, creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

LMS Computer Services Ltd (Registered number: 07125975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 10) - 160,000
Hire purchase contracts (see note 11) 15,558 20,993
15,558 180,993

10. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - 60,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 160,000

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 5,998 5,998
Between one and five years 15,558 20,993
21,556 26,991

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 88,128 5,998
Between one and five years 425,952 20,993
514,080 26,991

LMS Computer Services Ltd (Registered number: 07125975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 29,233 33,716

Deferred
tax
£   
Balance at 1 January 2023 33,716
Credit to Statement of Comprehensive Income during year (4,483 )
Balance at 31 December 2023 29,233

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary 0.01 100 100

14. RESERVES
Retained
earnings
£   

At 1 January 2023 97,223
Profit for the year 765,293
Dividends (695,000 )
At 31 December 2023 167,516

LMS Computer Services Ltd (Registered number: 07125975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. ULTIMATE CONTROLLING PARTY

The controlling party is The Caelum Way Limited.

The immediate parent company is The Caelum Way Limited, a company registered in the United Kingdom, which owns 100% of the issued share capital.

The smallest Group these financial statements are consolidated into are Redini Topco Limited, a company registered in the United Kingdom. The consolidated financial statements of Redini Topco Limited are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

The ultimate controlling party at 31st March 2024 is Macquarie Group Limited, a company incorporated in Australia, the consolidate financial statement are available on their corporate website: www.macquarie.com

The larges parent in which the results of the Company are consolidated is that headed by Macquarie Group Limited. The consolidated financial statement are available on their corporate website: www.macquarie.com