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REGISTERED NUMBER: SC285556 (Scotland)















Financial Statements for the Year Ended 31 May 2024

for

LRM Trading Ltd

LRM Trading Ltd (Registered number: SC285556)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LRM Trading Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTOR: L R MacLean (Reps of)





SECRETARY: Mrs C A Manson





REGISTERED OFFICE: 7a Brabster Street
Thurso
Caithness
KW14 7AP





REGISTERED NUMBER: SC285556 (Scotland)





ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ

LRM Trading Ltd (Registered number: SC285556)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 98,048 102,622
Investment property 5 110,000 110,000
208,048 212,622

CURRENT ASSETS
Stocks 32,339 31,639
Debtors 6 5,441 6,057
Cash at bank 36,150 41,556
73,930 79,252
CREDITORS
Amounts falling due within one year 7 (47,730 ) (66,489 )
NET CURRENT ASSETS 26,200 12,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

234,248

225,385

CREDITORS
Amounts falling due after more than one
year

8

(6,780

)

(12,434

)

PROVISIONS FOR LIABILITIES (3,861 ) (3,861 )
NET ASSETS 223,607 209,090

CAPITAL AND RESERVES
Called up share capital 140,000 140,000
Retained earnings 83,607 69,090
SHAREHOLDERS' FUNDS 223,607 209,090

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

LRM Trading Ltd (Registered number: SC285556)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 February 2025 and were signed by:





L R MacLean (Reps of) - Director


LRM Trading Ltd (Registered number: SC285556)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

LRM Trading Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.
Plant and machinery - 15% reducing balance
Motor vehicles - 25% reducing balance

INVESTMENT PROPERTY
Investment properties are initially recognised at cost which includes purchase cost and directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on a fair value adjustment is recognised in the income statement in the year. As the fair value adjustment is not a distributable profit, this is transferred to the fair value reserve. Deferred tax is provided on fair value gains at the rate expected to apply when the property is sold and this provision is included within the fair value reserve.

Rental income from investment property is recognised in the profit and loss account on a receivable basis over the term of the lease.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


LRM Trading Ltd (Registered number: SC285556)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 99,097 22,067 17,893 139,057
DEPRECIATION
At 1 June 2023 13,749 17,367 5,319 36,435
Charge for year 1,983 705 1,886 4,574
At 31 May 2024 15,732 18,072 7,205 41,009
NET BOOK VALUE
At 31 May 2024 83,365 3,995 10,688 98,048
At 31 May 2023 85,348 4,700 12,574 102,622

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 110,000
NET BOOK VALUE
At 31 May 2024 110,000
At 31 May 2023 110,000

Investment property represents property valued at an open market basis by Pentarq, Chartered Surveyors prior to their acquisition by the company.The director considers that the carrying value does not differ from that valuation.

LRM Trading Ltd (Registered number: SC285556)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,683 5,025
Other debtors 758 1,032
5,441 6,057

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 4,564 5,477
Trade creditors 4,312 2,246
Other creditors 38,854 58,766
47,730 66,489

Other creditors includes £3,960 (2023 - Nil) in respect of taxation and social security.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts - 4,564
Other creditors 6,780 7,870
6,780 12,434