Unaudited Financial Statements
Lesmac Securities Limited
For the Year Ended 30 April 2024
Registered number: NI015398
|
|
|
|
Lesmac Securities Limited
|
Company Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Thornton Advisors (NI) LLP
|
|
|
|
12 - 15 Donegall Square West
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lesmac Securities Limited
|
Contents
|
|
|
|
|
|
Notes to the financial statements
|
|
|
Independent Accountant's Report to the directors of the unaudited financial statements of Lesmac Securities Limited for the Year Ended 30 April 2024
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Lesmac Securities Limited for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of Lesmac Securities Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Lesmac Securities Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lesmac Securities Limited and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the year ended 30 April 2024 and you have acknowledged on the Balance sheet as at 30 April 2024 your duty to ensure that Lesmac Securities Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Lesmac Securities Limited is exempt from the statutory audit requirement for the year ended 30 April 2024.
We have not been instructed to carry out an audit or review the financial statements of Lesmac Securities 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 financial statements.
Grant Thornton Advisors (NI) LLP
|
|
Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH
|
|
|
|
|
|
Date: 29 January 2025
Page 1
|
|
|
|
Lesmac Securities Limited
Registered number:NI015398
|
Balance sheet
As at 30 April 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 2
|
|
|
|
Lesmac Securities Limited
Registered number:NI015398
|
Balance sheet (continued)
As at 30 April 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.
The notes on pages 4 to 7 form part of these financial statements.
Page 3
|
|
|
|
Lesmac Securities Limited
|
Notes to the financial statements
For the Year Ended 30 April 2024
Lesmac Securities Limited is a private company limited by shares and is incorporated in Northern Ireland. The principal activity of the company is letting and operating of own or leased real estate. The address of its registered office is: 1st Floor 10/12 Rosemary Street, Belfast, BT1 1QD.
2.Accounting policies
|
|
Exemption from preparing consolidated financial statements
|
The Company is exempt by virtue of s399 of the Companies Act 2006 from preparing consolidated
accounts, as the group is small. Therefore, the financial statements present the results of the Company
only and not its group.
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has made a loss of £113,900 (2023: £9,371) during the period, and has net assets of £93,137 as at 30 April 2024 (2023: £207,037). The company meets its working capital requirements through financial support from the directors and is dependent on this continuing support. The directors are confident the support will continue to be made available to allow the company to trade for the foreseeable future. On this basis these financial statements therefore continue to be prepared on the going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term 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.
|
|
Cash and cash equivalents
|
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.
Page 4
|
|
|
|
Lesmac Securities Limited
|
Notes to the financial statements
For the Year Ended 30 April 2024
2.Accounting policies (continued)
Short-term 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.
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results.
In the directors' opinions, there are no significant judgements, estimates and assumptions made about the recognition of assets, liabilities, incomes and expenses.
|
The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
|
Page 5
|
|
|
|
Lesmac Securities Limited
|
Notes to the financial statements
For the Year Ended 30 April 2024
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by connected parties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
|
|
|
Lesmac Securities Limited
|
Notes to the financial statements
For the Year Ended 30 April 2024
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
Amounts owed to connected parties
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
The terms of the accruals and deferred income are based on the underlying contracts.
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
4 (2023 - 4) Ordinary shares of £1.00 each
|
|
|
Profit & loss account
The Profit and Loss account includes all current and prior period retained profits and losses.
|
Related party transactions
|
|
The company has taken advantage of FRS 102 Section 33 which does not require them to disclose transactions or balances with group undertakings.
The company is connected to three companies by virtue of common control. The transactions with these companies is detailed below:
During the year the company had net transactions with two companies connected by common control of 1,900. At the balance sheet date the amount owed from these companies was 104,863 (2023: £106,763). The loans are unsecured, interest free and repaybale upon demand.
At the balance sheet date the amount owed to a company related by common control was £86,447 (2023: £86,447). The loan is unsecured, interest free and repaybale upon demand.
|
Page 7
|
|