Company registration number 02343263 (England and Wales)
LIMEBROAD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
LIMEBROAD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
LIMEBROAD LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,314,000
1,160,000
Current assets
Debtors
5
4,000
14,905
Cash at bank and in hand
464,111
477,934
468,111
492,839
Creditors: amounts falling due within one year
6
(390,029)
(385,176)
Net current assets
78,082
107,663
Total assets less current liabilities
1,392,082
1,267,663
Provisions for liabilities
Deferred tax liability
7
325,850
286,759
(325,850)
(286,759)
Net assets
1,066,232
980,904
Capital and reserves
Called up share capital
8
30
30
Non-distributable profits reserve
9
1,040,437
924,937
Distributable profit and loss reserves
25,765
55,937
Total equity
1,066,232
980,904

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
J. Marshall
Miss P Wain
Director
Director
Company registration number 02343263 (England and Wales)
LIMEBROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Limebroad Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Turnover represents ground rent receivable and sales of lease extensions.

Revenue of ground rents is recognised on the due dates. Revenue from lease extensions is recognised as at the effective date of the extension.

1.4
Tangible fixed assets

Tangible fixed assets have been initially measured at cost. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 years straight-line

No depreciation is provided on the freehold interest as the directors estimate that it has a high residual value; in addition, the directors consider that the estimated economic life of the property exceeds 50 years.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LIMEBROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

LIMEBROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
2
2
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
14,513
Deferred tax
Origination and reversal of timing differences
39,091
67,803
Total tax charge
39,091
82,316
LIMEBROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Taxation
(Continued)
- 5 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
156,169
74,546
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 25.00%)
29,672
18,637
Tax effect of expenses that are not deductible in determining taxable profit
49
(56)
Tax effect of income not taxable in determining taxable profit
(1,606)
510
Unutilised tax losses carried forward
2,014
-
0
Effect of revaluations of investments
9,240
-
0
Other permanent differences
-
0
67,803
Other tax adjustments
(278)
(4,578)
Taxation charge for the year
39,091
82,316

 

4
Tangible fixed assets
Freehold land and buildings
Computer equipment
Total
£
£
£
Cost or valuation
At 1 August 2023
1,160,000
860
1,160,860
Revaluation
154,000
-
0
154,000
At 31 July 2024
1,314,000
860
1,314,860
Depreciation and impairment
At 1 August 2023 and 31 July 2024
-
0
860
860
Carrying amount
At 31 July 2024
1,314,000
-
0
1,314,000
At 31 July 2023
1,160,000
-
0
1,160,000

Land and buildings with a carrying amount of £1,314,000 was revalued at 28 April 2025 by independent professional surveyors not connected with the company on the basis of market value. The valuation was arrived at by reference to market evidence of transaction prices of similar properties in its location. Accordingly, the company has adopted this valuation at the balance sheet date.

 

A revaluation surplus of £154,000 (2023 - £Nil) has arisen on valuation of property to fair value at the balance sheet date and this has been taken to the Profit and Loss Account.

LIMEBROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
4
Tangible fixed assets
(Continued)
- 6 -

If revalued assets were stated at historical cost basis rather than fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
83,910
83,910
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,000
12,905
Prepayments and accrued income
-
0
2,000
4,000
14,905
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
3,142
2,572
Corporation tax
-
0
14,513
Other creditors
380,166
364,071
Accruals and deferred income
6,721
4,020
390,029
385,176

The bank overdraft shown above is only a book overdraft.

7
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Tax losses
(2,650)
-
Revaluations
328,500
286,759
325,850
286,759
LIMEBROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Deferred taxation
(Continued)
- 7 -
2024
Movements in the year:
£
Liability at 1 August 2023
286,759
Charge to profit or loss
39,091
Liability at 31 July 2024
325,850
8
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30
30
30
30
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
924,937
857,134
Non distributable profits in the year
115,500
67,803
At the end of the year
1,040,437
924,937
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
D J Scott
Statutory Auditor:
Harold Everett Wreford LLP
Date of audit report:
13 May 2025
LIMEBROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
11
Directors' transactions

Dividends totalling £2,100 (2023 - £2,800) were paid in the year in respect of shares held by the company's directors.

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