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LRM PROPERTIES LTD

Registered Number
13659420
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

LRM PROPERTIES LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

MORGAN, Liam Edward
MORGAN, Rachel

Registered Address

12 Clos Trehelyg
Willowtown
Ebbw Vale
NP23 6WJ

Registered Number

13659420 (England and Wales)
LRM PROPERTIES LTD
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3109,5838,234
Investment property4106,546106,546
216,129114,780
Current assets
Debtors571,450186,896
Cash at bank and on hand96,12332,828
167,573219,724
Creditors amounts falling due within one year6(8,296)-
Net current assets (liabilities)159,277219,724
Total assets less current liabilities375,406334,504
Creditors amounts falling due after one year7(375,065)(345,165)
Net assets341(10,661)
Capital and reserves
Called up share capital33
Profit and loss account338(10,664)
Shareholders' funds341(10,661)
The financial statements were approved and authorised for issue by the Board of Directors on 30 June 2025, and are signed on its behalf by:
MORGAN, Liam Edward
Director
MORGAN, Rachel
Director

Registered Company No. 13659420
LRM PROPERTIES LTD
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
In the company's first year of trade it generated a loss which led to negative reserves, this was slightly reduced in year two with profits generated. Year three the business has made a profit which as removed the reserves and the Directors believe that the company should be treated as a going concern as there are sufficient funds in place to meet current and future liabilities.
Turnover policy
Turnover within the financial statements represents the rental, maintenance and building works income received from the company's investment property and general maintenance works carried out. Rental, maintenance and building works income is recognised in the accounts in line with the period that it is due for.
Revenue from sale of goods
Rental, maintenance and building works income is recognised in the accounts in line with the period that it is due for.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investments
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss.
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 November 23-9,6889,688
Additions103,286-103,286
At 31 October 24103,2869,688112,974
Depreciation and impairment
At 01 November 23-1,4541,454
Other adjustments-1,9371,937
At 31 October 24-3,3913,391
Net book value
At 31 October 24103,2866,297109,583
At 31 October 23-8,2348,234
4.Investment property

£
Fair value at 01 November 23106,546
At 31 October 24106,546
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-101,286
Other debtors70,45077,000
Prepayments and accrued income1,0008,610
Total71,450186,896
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,545-
Accrued liabilities and deferred income5,751-
Total8,296-
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts95,738-
Other creditors279,327345,165
Total375,065345,165