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Registration number: 13979573

Lima Engineering Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Lima Engineering Holdings Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Lima Engineering Holdings Ltd

Company Information

Directors

Mr S M Latimer

Mr A E Latimer

Mr J R Latimer

Company secretary

Mr B M Latimer

Registered office

Riverside Works Riverside Industrial Park Brunswick Street
Nelson
Lancashire
BB9 0HZ

Accountants

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

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lima Engineering Holdings Ltd
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lima Engineering Holdings Ltd for the year ended 29 February 2024 as set out on pages 3 to 10 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 Lima Engineering Holdings Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Lima Engineering Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of Lima Engineering Holdings Ltd, 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 Lima Engineering Holdings Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lima Engineering Holdings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lima Engineering Holdings Ltd. You consider that Lima Engineering Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lima Engineering Holdings Ltd. 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

19 November 2024

 

Lima Engineering Holdings Ltd

(Registration number: 13979573)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

359,268

-

Investments

5

200

200

 

359,468

200

Current assets

 

Debtors

6

21,098

35,554

Creditors: Amounts falling due within one year

7

(30,366)

(35,554)

Net current liabilities

 

(9,268)

-

Net assets

 

350,200

200

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

350,000

-

Shareholders' funds

 

350,200

200

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

 

Lima Engineering Holdings Ltd

(Registration number: 13979573)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Mr S M Latimer
Director

.........................................
Mr A E Latimer
Director

.........................................
Mr J R Latimer
Director

 

Lima Engineering Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:
Riverside Works Riverside Industrial Park Brunswick Street
Nelson
Lancashire
BB9 0HZ

These financial statements were authorised for issue by the Board on 19 November 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.

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:

 

Lima Engineering Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Lima Engineering Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2023 - 3).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

359,268

359,268

At 29 February 2024

359,268

359,268

Depreciation

Carrying amount

At 29 February 2024

359,268

359,268

Included within the net book value of land and buildings above is £359,268 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Lima Engineering Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 March 2023

200

Provision

Carrying amount

At 29 February 2024

200

At 28 February 2023

200

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Lima Engineering (Polyurethanes) Ltd

Riverside Works
Riverside Industrial Park
Brunswick Street
Nelson
BB9 0HZ

United Kingdom

Ordinary

100%

100%

Subsidiary undertakings

Lima Engineering (Polyurethanes) Ltd

The principal activity of Lima Engineering (Polyurethanes) Ltd is polyurethane and rubber processing and light engineering..

 

Lima Engineering Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

18,301

17,672

Other debtors

 

2,797

17,882

 

21,098

35,554

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

30,366

35,554

8

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

Unsecured and repayable on demand

4,922

(2,125)

2,797

 

2023

At 16 March 2022
£

Advances to director
£

At 28 February 2023
£

Unsecured and repayable on demand

-

4,922

4,922

 

Lima Engineering Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

Summary of transactions with other related parties

Shareholder
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

12,960

12,960

Repaid

(13,070)

(13,070)

At end of period

(110)

(110)

2023

Other related parties
£

Total
£

Advanced

12,960

12,960

At end of period

12,960

12,960