The director presents his annual report and financial statements for the year ended 30 June 2024.
The results for the year are set out on .
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.
The company’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the company. The company uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks and ageing analysis for credit risk.
Risk management is carried out by Senior Finance Executives (finance) under policies approved by the Board of Directors (the Board). These policies include identification and analysis of the risk exposure of the company and procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the company’s operating units. Finance reports to the Board on a monthly basis
LCM Operations UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 181 Queen Victoria Street, Bridge House, London, EC4V 4EG. The company's principal activities and nature of its operations are disclosed in the director's report.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Litigation Capital Management Limited. The group accounts of Litigation Capital Management Limited are available to the public and can be obtained from the company's website https://www.lcmfinance.com/shareholders/annual-reports-financial-reports/.
Under Companies Act 2006,s454,on a voluntary basis, the members can amend these financial statements if they subsequently prove to be defective.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. Each share entitles the holder to one vote. The company does not have a limited amount of authorised capital.
Global Loan Agency Services Australia Nominees Pty Limited hold a charge over the assets of the company by means of a supplemental debenture held with the parent company LCM Group Holdings Pty Ltd.
The company has taken advantage of the exemptions available to it under FRS101 Section 8 not to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly owned by such a member.
A fixed and floating charge exists over the undertaking of the company with respect to the liabilities of the ultimate controlling party, Litigation Capital Management Limited.