Registered number: 14232845
LSM HOMES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2024
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LSM HOMES LIMITED
REGISTERED NUMBER: 14232845
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers 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 director acknowledges his 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.
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LSM HOMES LIMITED
REGISTERED NUMBER: 14232845
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
The Company has opted not to file the statement of income and retained earnings 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 9 April 2025.
The notes on pages 3 to 6 form part of these financial statements.
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LSM HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
LSM Homes Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
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 represents rents receivable.
Finance costs are charged to profit or loss when incurred.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investment property is carried at fair value determined annually by the director. Investment property is not depreciated. Changes in fair value are recognised in the Statement of income.
Short-term debtors are measured at transaction price.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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LSM HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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Freehold investment property
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The 2024 valuations were made by the director, on an open market value for existing use basis.
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LSM HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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LSM HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Creditors: Amounts falling due after more than one year
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Paragon Bank Plc provided mortgages to the company totalling £1,427,200. Interest is charged at a rate of 5.25% pa. The loan is secured by four fixed charges regarding 1 Forest Gate House, 2 Forest Gate House, 3 Forest Gate House and 6 Forest Gate House.
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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Related party transactions
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During the year, the company paid certain costs on behalf of a related company, Westerham Homes Ltd (WHL) to fund costs. At the year end, the balance due from WHL was £10,721 (2023 - £Nil).
During the year, the company received loans from related companies, Whitgift Estates Limited (WEL) to fund costs and Reigate Land Ltd (RLL) to fund costs and the purchase of the investment properties. At the year end, the balance due to WEL was £3,618 (2023 - £Nil) and due to RLL was £575,449 (2023 - £Nil).
The loans are interest free.
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The controlling party is Reigate Land Ltd by virtue of owing 100% of the issued share capital.
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