Registered number
09114043
L M MANUFACTURING LIMITED
Filleted Accounts
31 March 2024
L M MANUFACTURING LIMITED
Registered number: 09114043
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 2,620,412 2,466,533
Investments 5 5,965 5,965
2,626,377 2,472,498
Current assets
Stocks 1,596,755 982,806
Debtors 6 5,047,847 3,093,337
Cash at bank and in hand 483,298 62,017
7,127,900 4,138,160
Creditors: amounts falling due within one year 7 (19,163,494) (19,135,798)
Net current liabilities (12,035,594) (14,997,638)
Net liabilities (9,409,217) (12,525,140)
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account (9,413,217) (12,529,140)
Shareholders' funds (9,409,217) (12,525,140)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Amrut Naik
Director
Approved by the board on 19 February 2025
L M MANUFACTURING LIMITED
Notes to the Accounts
for the period from 7 November 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Changes in the accounting reference dates
During the year, the company changed its accounting reference date from 6 Novemeber to 31 March. As a result, the current financial statements cover a 5-month period from 7 November 2023 to 31 March 2024. The comparative figures cover a 10-month period from 1 January 2023 to 6 November 2023.
Going concern
The financial statements have been prepared on a going concern basis. The company has a net liability position as of the balance sheet date. However, the directors have received a letter of support from the parent company, which confirms that the parent will provide the necessary financial support to enable the company to meet its obligations as they fall due for at least the next 12 months from the date of approval of these financial statements. Based on this support, the directors believe that it is appropriate to prepare the financial statements on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 4% straight line
Fixture and fittings 25% reducing balance
Plant and machinery 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Devender Arora ACA
Firm: The Corporate Practice Limited
Date of audit report: 19 February 2025
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 95 93
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 7 November 2023 2,247,435 4,769,836 7,017,271
Additions - 292,882 292,882
At 31 March 2024 2,247,435 5,062,718 7,310,153
Depreciation
At 7 November 2023 541,853 4,008,885 4,550,738
Charge for the period 29,229 109,774 139,003
At 31 March 2024 571,082 4,118,659 4,689,741
Net book value
At 31 March 2024 1,676,353 944,059 2,620,412
At 6 November 2023 1,705,582 760,951 2,466,533
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 7 November 2023 5,965
At 31 March 2024 5,965
There was no movement in fixed assets investments during the period.
Above investments comprise of investments in the below listed entity:
Company Country Share class % of capital
LM Manufacturing India Privated Limited India Ordinary 98.80
6 Debtors 2024 2023
£ £
Trade debtors 699,438 2,058,929
Amounts owed by group undertakings and undertakings in which the company has a participating interest 419,007 727
Deferred tax asset 3,686,645 -
Other debtors 148,591 1,033,681
Prepayments and accrued income 94,166 -
5,047,847 3,093,337
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - -
Trade creditors 651,931 517,910
Amounts owed to group undertakings and undertakings in which the company has a participating interest 17,189,937 -
Taxation and social security costs 904,689 1,918,480
Other creditors 416,937 16,699,408
19,163,494 19,135,798
8 Events after the reporting date
The directors confirm that there have been no significant events occurring after the balance sheet date that would require adjustment or disclosure in the financial statements.
9 Related party transactions
In accordance with Financial Reporting Standard 102 (FRS 102), the company has disclosed all related party transactions. Transactions with wholly-owned group members have been exempted from disclosure as permitted by paragraph 33.1A of FRS 102. Other related party transactions include:
Oncosol Limited 2024 2023
£ £
Participating interest
Included within creditors is an amount payable to Oncosol Limited of: 12,377 1,924
L M Manufacturing India Private Limited - a company
incorporated in India
Subsidiary
Included within amount receivable from group undertakings is an amount receivable from L M Manufacturing India Private Limited of: - 126,500
Included within amount receivable from group undertakings is an amount receivable from L M Manufacturing India Private Limited of: 727 727
10 Controlling party
Zydus Pharmaceuticals UK Limited is the controlling party.
11 Other information
L M MANUFACTURING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Sandretto Building
Cavalry Hill Industrial Park
Weedon
Northampton
NN7 4PP
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