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REGISTERED NUMBER: 09454565 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LMSL GROUP LIMITED

LMSL GROUP LIMITED (REGISTERED NUMBER: 09454565)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LMSL GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs S Lahrie
L Mohamed





REGISTERED OFFICE: 113 Hoe Street
Walthamstow
London
E17 4RX





REGISTERED NUMBER: 09454565 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

LMSL GROUP LIMITED (REGISTERED NUMBER: 09454565)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,263 25,488
Investments 5 4,022 9,022
19,285 34,510

CURRENT ASSETS
Debtors 6 13,070,574 18,498,329
Cash at bank 1,241,512 2,240,246
14,312,086 20,738,575
CREDITORS
Amounts falling due within one year 7 26,962,936 40,482,810
NET CURRENT LIABILITIES (12,650,850 ) (19,744,235 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,631,565

)

(19,709,725

)

CAPITAL AND RESERVES
Called up share capital 63,002 63,002
Retained earnings (12,694,567 ) (19,772,727 )
(12,631,565 ) (19,709,725 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:





L Mohamed - Director


LMSL GROUP LIMITED (REGISTERED NUMBER: 09454565)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Lmsl Group 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The financial statements have been prepared on the going concern basis. The company made a loss of £318,959 (2022: profit £13,897,423) in the year and its' net liabilities were £20,028,685 (2022: £19,709,725). The company's directors and other group companies have indicated that they will provide financial support to ensure the company can continue to trade for the foreseeable future and that they have the means to do so. On this basis, the directors consider it appropriate to continue to prepare the financial statements on the going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the director 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 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. There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the state of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Interest Income

Interest income is recognised in profit or loss using the effective interest method.

Finance Costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

LMSL GROUP LIMITED (REGISTERED NUMBER: 09454565)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and Machinery25% reducing balance
Motor vehicles25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

LMSL GROUP LIMITED (REGISTERED NUMBER: 09454565)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Debtors

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.

Creditors

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.

Income from shares in group undertakings
Dividends have been received from subsidiary companies during the year of £7,500,972(2022 :£12,995,003)

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 54,016 11,637 65,653
Impairments (16,235 ) - (16,235 )
At 31 December 2023 37,781 11,637 49,418
DEPRECIATION
At 1 January 2023 37,256 2,909 40,165
Charge for year 2,906 2,182 5,088
Impairments (11,098 ) - (11,098 )
At 31 December 2023 29,064 5,091 34,155
NET BOOK VALUE
At 31 December 2023 8,717 6,546 15,263
At 31 December 2022 16,760 8,728 25,488

LMSL GROUP LIMITED (REGISTERED NUMBER: 09454565)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS

The following were subsidiary undertakings of the Company:

Name Class of shares Holding
Blackhill Properties Ltd Ordinary 100
Primestone Ltd Ordinary 100
Abbeystone Properties Ltd Ordinary 100
Edgeway Properties Ltd Ordinary 100
Ley Properties Ltd Ordinary 100
Leaway Properties Ltd Ordinary 100
Cannista Ltd Ordinary 100
LMSL Freehold Ltd Ordinary 100
LMSL Property Management Ltd Ordinary 100
Rosewall Properties Ltd Ordinary 100
Zeeshan Investments Limited Ordinary 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 13,070,574 18,398,329
Other debtors - 100,000
13,070,574 18,498,329

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 15,678,083 28,656,334
Other tax and social security 14,085 13,145
Other creditors 677,071 687,670
Directors' current accounts 10,563,697 11,089,661
Accrued expenses 30,000 36,000
26,962,936 40,482,810

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is LMSL Holdings Limited (Company Number: 10055436), a company registered in England and Wales.

The ultimate controlling party are the shareholders of LMSL Holdings Limited by virtue of their holdings in the parent undertaking.