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REGISTERED NUMBER: 01707390 (England and Wales)















L.M. PRODUCTS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


L.M. PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Worth
N Porter
J Banks





REGISTERED OFFICE: Unit 10,
Union Road
Oldbury
West Midlands
B69 3EX





REGISTERED NUMBER: 01707390 (England and Wales)





AUDITORS: Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
Overall, the directors are please with the performance of the business during the financial year ending March 2024.

As anticipated the trading year was a challenging one as a direct result of the global economic uncertainty which affected all sectors throughout the UK.

Construction particularly felt the full force of this with not only the slow down of house building to a near standstill due to interest rates but also the cancellation / delays of major infrastructure projects.

This reflected in the company turnover being reduced by circa 30% as overall demand in the sector reduced to very low levels.

The company also experienced cost increases with new lease agreements on buildings, energy costs and wages.

Fortunately, due to the long-standing reputation of the business to provide quality service, a broad customer base and experience within the team to adjust to the ever-challenging market conditions, we managed to navigate our way through the year, ending another year in a profitable position.

The measures introduced in the previous year relating to credit control proved to be successful limiting bad debt to a minimum. This was particularly pleasing to see in a year where the construction industry saw considerable losses.

Supply chain is in a good place with more options now in place that will enable us to achieve a competitive edge.

The liquidity of the business is still strong even with a reduced level of incoming revenue and the continued prudence in our decision making can only strengthen the business going forward.

ON BEHALF OF THE BOARD:





S Worth - Director


4 November 2024

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and supply of metal and plastic components primarily for the construction industry.

DIVIDENDS
An interim dividend of £66.66667 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 100,000 .

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe the financial position and the risks that have been identified are being well managed. Investment in attaining new accreditations inline with construction industry requirements has been identified as one area that will assist with growth. We also intend to introduce new technology to the business that fully utilised will bring efficiencies to the day to day operations. The directors are confident in the companies ability to maintain and build on this position, albeit with cautious growth expectations.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

S Worth
N Porter
J Banks

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling.The company does not enter into any formally designated hedging arrangements.

POLITICAL DONATIONS AND EXPENDITURE
No political donations made during the period.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sephton & Company LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Worth - Director


4 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L.M. PRODUCTS LIMITED


Opinion
We have audited the financial statements of L.m. Products Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L.M. PRODUCTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L.M. PRODUCTS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the entity that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, health and safety and fire regulations.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example we obtained documentation that supports compliance with health & safety laws and regulations, such as the having ISO 45001:2018 certification in place.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We also completed the following procedures:

o Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
o In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results;
o Assessed the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates. We considered the key estimates to be going concern, depreciation, bad debt provision and stock being held at the lower of cost and NRV.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L.M. PRODUCTS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Darren Paul Carter (Senior Statutory Auditor)
for and on behalf of Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

4 November 2024

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 12,179,049 18,596,822

Cost of sales 9,957,801 14,275,317
GROSS PROFIT 2,221,248 4,321,505

Distribution costs 526,115 651,235
Administrative expenses 1,448,136 2,249,771
1,974,251 2,901,006
OPERATING PROFIT 4 246,997 1,420,499

Interest receivable and similar income 27,662 956
PROFIT BEFORE TAXATION 274,659 1,421,455

Tax on profit 5 80,510 265,426
PROFIT FOR THE FINANCIAL YEAR 194,149 1,156,029

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 194,149 1,156,029


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

194,149

1,156,029

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 194,083 221,359

CURRENT ASSETS
Stocks 8 2,012,680 3,118,776
Debtors 9 2,273,706 3,377,805
Cash at bank and in hand 2,175,464 312,316
6,461,850 6,808,897
CREDITORS
Amounts falling due within one year 10 2,668,183 3,138,134
NET CURRENT ASSETS 3,793,667 3,670,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,987,750

3,892,122

PROVISIONS FOR LIABILITIES 12 38,741 37,262
NET ASSETS 3,949,009 3,854,860

CAPITAL AND RESERVES
Called up share capital 13 1,500 1,500
Capital redemption reserve 14 1,500 1,500
Retained earnings 14 3,946,009 3,851,860
SHAREHOLDERS' FUNDS 3,949,009 3,854,860

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





S Worth - Director


L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 1,500 3,545,831 1,500 3,548,831

Changes in equity
Dividends - (850,000 ) - (850,000 )
Total comprehensive income - 1,156,029 - 1,156,029
Balance at 31 March 2023 1,500 3,851,860 1,500 3,854,860

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 194,149 - 194,149
Balance at 31 March 2024 1,500 3,946,009 1,500 3,949,009

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,057,434 1,606,625
Tax paid (100,612 ) (539,473 )
Net cash from operating activities 1,956,822 1,067,152

Cash flows from investing activities
Purchase of tangible fixed assets (21,336 ) (79,771 )
Interest received 27,662 956
Net cash from investing activities 6,326 (78,815 )

Cash flows from financing activities
Equity dividends paid (100,000 ) (850,000 )
Net cash from financing activities (100,000 ) (850,000 )

Increase in cash and cash equivalents 1,863,148 138,337
Cash and cash equivalents at beginning of
year

2

312,316

173,979

Cash and cash equivalents at end of year 2 2,175,464 312,316

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 274,659 1,421,455
Depreciation charges 48,612 55,132
Finance income (27,662 ) (956 )
295,609 1,475,631
Decrease in stocks 1,106,096 698,269
Decrease in trade and other debtors 1,104,099 1,225,262
Decrease in trade and other creditors (448,370 ) (1,792,537 )
Cash generated from operations 2,057,434 1,606,625

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 2,175,464 312,316
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 312,316 173,979


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 312,316 1,863,148 2,175,464
312,316 1,863,148 2,175,464
Total 312,316 1,863,148 2,175,464

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

L.m. Products Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - straight line over the life of the lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

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 accounts receivable and payable, cash and bank balances, loans to or from related parties and current asset investments. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.


L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,399,560 1,472,044
Social security costs 126,604 141,933
Other pension costs 27,922 27,030
1,554,086 1,641,007

The average number of employees during the year was as follows:
2024 2023

Admin 3 3
Sales 7 7
Factory 33 35
43 45

2024 2023
£    £   
Directors' remuneration 205,407 145,838
Directors' pension contributions to money purchase schemes 2,532 1,321

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
2024
£   
Emoluments etc 128,465
Pension contributions to money purchase schemes 1,321

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 15,317 14,899
Depreciation - owned assets 48,612 55,132
Auditors' remuneration 9,000 8,500
Foreign exchange differences 1,067 2,336

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 79,031 260,865

Deferred tax 1,479 4,561
Tax on profit 80,510 265,426

UK corporation tax has been charged at 25% (2023 - 19%).

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 274,659 1,421,455
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

68,665

270,076

Effects of:
Expenses not deductible for tax purposes 78 324
Capital allowances in excess of depreciation - (4,974 )
Adjustments to tax charge in respect of previous periods 11,767 -
Total tax charge 80,510 265,426

6. DIVIDENDS
2024 2023
£    £   
Interim 100,000 850,000

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 69,973 757,332 20,451
Additions 18,418 - 945
At 31 March 2024 88,391 757,332 21,396
DEPRECIATION
At 1 April 2023 68,496 609,175 12,309
Charge for year 1,274 22,202 1,274
At 31 March 2024 69,770 631,377 13,583
NET BOOK VALUE
At 31 March 2024 18,621 125,955 7,813
At 31 March 2023 1,477 148,157 8,142

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 103,068 88,440 1,039,264
Additions - 1,973 21,336
At 31 March 2024 103,068 90,413 1,060,600
DEPRECIATION
At 1 April 2023 49,930 77,995 817,905
Charge for year 13,284 10,578 48,612
At 31 March 2024 63,214 88,573 866,517
NET BOOK VALUE
At 31 March 2024 39,854 1,840 194,083
At 31 March 2023 53,138 10,445 221,359

8. STOCKS
2024 2023
£    £   
Stocks 2,012,680 3,118,776

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,939,851 2,777,972
Bad debt provision - (3,000 )
Other debtors 4,080 4,330
Invoice finance debtor 190,417 466,460
Prepayments and accrued income 139,358 132,043
2,273,706 3,377,805

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,900,295 1,741,170
credit balances 55,720 12,826
Amounts owed to group undertakings 546,392 848,792
Corporation tax (22,730 ) (1,149 )
PAYE & NIC control a/c 27,154 25,971
VAT 7,801 339,118
Other creditors 6,008 5,793
Accrued expenses 147,543 165,613
2,668,183 3,138,134

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 229,924 122,340
Between one and five years 698,032 181,539
927,956 303,879

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 38,741 37,262

Deferred
tax
£   
Balance at 1 April 2023 37,262
Provided during year 1,479
Balance at 31 March 2024 38,741

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,500 ordinary £1 1,500 1,500

14. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 3,851,860 1,500 3,853,360
Profit for the year 194,149 194,149
Dividends (100,000 ) (100,000 )
At 31 March 2024 3,946,009 1,500 3,947,509

15. ULTIMATE PARENT COMPANY

L M Products (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.

The immediate and ultimate parent undertaking and controlling party is L M Products (Holdings) Limited, which prepares group financial statements. The registered office of L M Products (Holdings) Limited is Unit 10 Union Road, Oldbury, West Midlands, B69 3EX.

L.M. PRODUCTS LIMITED (REGISTERED NUMBER: 01707390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Administrative expenses 468,000 1,316,500
Amount due to related party 546,392 1,357,592

The loan is unsecured and repayable on demand. Interest is not charged on the outstanding balance.