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REGISTERED NUMBER: OC413575 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

LMC INVESTMENTS LLP

LMC INVESTMENTS LLP (REGISTERED NUMBER: OC413575)






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




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


LMC INVESTMENTS LLP (REGISTERED NUMBER: OC413575)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,150,000 3,218,452

CURRENT ASSETS
Debtors 5 500,084 395,552
Cash at bank 2,900 4,807
502,984 400,359
CREDITORS
Amounts falling due within one year 6 472,833 1,043,019
NET CURRENT ASSETS/(LIABILITIES) 30,151 (642,660 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,180,151

2,575,792

CREDITORS
Amounts falling due after more than one year 7 2,223,523 1,492,656
NET ASSETS ATTRIBUTABLE TO MEMBERS 956,628 1,083,136

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

1,007,652

1,007,652

MEMBERS' OTHER INTERESTS
Other reserves (219,117 ) (161,061 )
Fair value reserve 10 168,093 236,545
956,628 1,083,136

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 1,007,652 1,007,652
Members' other interests (51,024 ) 75,484
956,628 1,083,136

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

LMC INVESTMENTS LLP (REGISTERED NUMBER: OC413575)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 January 2025 and were signed by:





Mr S T Savage - Designated member

LMC INVESTMENTS LLP (REGISTERED NUMBER: OC413575)

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

1. STATUTORY INFORMATION

LMC Investments LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC413575

Registered office: 1 Kings Avenue
London
N21 3NA

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" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the LLP's accounting policies, the member is 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 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.

There are significant judgements and estimates involved during the preparation of the financial statements.

Revenue
Revenue represents value of rents receivable during the period in respect of the LLP's investment property. Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

LMC INVESTMENTS LLP (REGISTERED NUMBER: OC413575)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 3,218,452
Revaluations (68,452 )
At 31 March 2024 3,150,000
NET BOOK VALUE
At 31 March 2024 3,150,000
At 31 March 2023 3,218,452

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 102,513
Valuation in 2021 134,033
Valuation in 2024 (68,452 )
Cost 2,981,906
3,150,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,981,906 2,981,906

Investment property was valued on an open market basis on 31 March 2024 by the designated members .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,817 8,350
Other debtors 494,267 387,202
500,084 395,552

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,042 572,970
Trade creditors 24,251 16,823
Other creditors 444,540 453,226
472,833 1,043,019

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,223,523 1,492,656

LMC INVESTMENTS LLP (REGISTERED NUMBER: OC413575)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,200,196 1,463,001

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,200,195 2,035,500

The bank loans are secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.


9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Loans from members 994,290 994,290
Amounts owed to members in respect of profits 13,362 13,362
1,007,652 1,007,652

Falling due within one year 1,007,652 1,007,652

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There are no restrictions or limitations on the ability of the members to reduce the amount of members' other interests.

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023 236,545
Movement during the year (68,452 )
At 31 March 2024 168,093

11. RELATED PARTY DISCLOSURES

Included in the other debtors due within a year is an amount of £327,884 (2023: £261,343.69) due from connected companies with common control. The loans were interest free and repayable on demand.

Included in the other creditors due within a year is an amount of £26,434 (2023: £25,840) due to connected companies with common control. The loans were interest free and repayable on demand.