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REGISTERED NUMBER: 08029662 (England and Wales)















Financial Statements for the Year Ended 31 August 2024

for

LONDON PROCUREMENT LIMITED

LONDON PROCUREMENT LIMITED (REGISTERED NUMBER: 08029662)

Contents of the Financial Statements
for the year ended 31 August 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LONDON PROCUREMENT LIMITED

Company Information
for the year ended 31 August 2024







DIRECTOR: R P Lewis





REGISTERED OFFICE: Driftstone Manor
Middleway
Kingston Gorse
East Preston
West Sussex
BN16 1SB





REGISTERED NUMBER: 08029662 (England and Wales)

LONDON PROCUREMENT LIMITED (REGISTERED NUMBER: 08029662)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,513 10,638

CURRENT ASSETS
Stocks 1,044,439 1,044,439
Debtors 5 19,885 18,750
Cash at bank 175 421
1,064,499 1,063,610
CREDITORS
Amounts falling due within one year 6 (1,482,342 ) (1,398,791 )
NET CURRENT LIABILITIES (417,843 ) (335,181 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(413,330

)

(324,543

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (413,331 ) (324,544 )
SHAREHOLDERS' FUNDS (413,330 ) (324,543 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 22 May 2025 and were signed by:





R P Lewis - Director


LONDON PROCUREMENT LIMITED (REGISTERED NUMBER: 08029662)

Notes to the Financial Statements
for the year ended 31 August 2024


1. STATUTORY INFORMATION

London Procurement 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £1.

Cash and cash equivalents
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery etc - 15% on cost and/or over the term of the underlying lease.

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.

Stocks
Stocks and work in progress have been valued at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

LONDON PROCUREMENT LIMITED (REGISTERED NUMBER: 08029662)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


2. ACCOUNTING POLICIES - continued

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.

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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity Instruments
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.

All called up share capital is allotted and fully paid.

Going concern
The financial statements have been prepared on the going concern basis, which presumes that the company will continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.

The company is reliant on the support from group companies and the group has confirmed its continued support. The director has considered the working capital requirements across the group as a whole and is satisfied that the healthy cash reserves within the group are sufficient to complete projects and meet its liabilities as they fall due for payment.

In view of the above, and after taking into account all other information that could reasonably be expected to be available, the director is confident that the company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the company’s financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

LONDON PROCUREMENT LIMITED (REGISTERED NUMBER: 08029662)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023
and 31 August 2024 278,386
DEPRECIATION
At 1 September 2023 267,748
Charge for year 6,125
At 31 August 2024 273,873
NET BOOK VALUE
At 31 August 2024 4,513
At 31 August 2023 10,638

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 19,885 18,750

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 8,621 8,153
Amounts owed to group undertakings 1,473,721 1,390,421
Other creditors - 217
1,482,342 1,398,791

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 39,800 38,900
Between one and five years 52,567 92,367
92,367 131,267

8. OTHER FINANCIAL COMMITMENTS

A cross guarantee and debenture exists in relation to liabilities owed to NatWest plc between Speed Group (Holdings) Limited, JetAir (Travel Logistics) Limited, JetAir (Central Accounting) Limited, Staff Logistics Limited and London Procurement Limited. The total exposure under this agreement at 31 August 2024 was £nil (2023: £nil).

All the assets within the company are secured by the parent company, Speed Group (Holdings) Limited, which is subordinate to the bank guarantee.

LONDON PROCUREMENT LIMITED (REGISTERED NUMBER: 08029662)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


9. ULTIMATE CONTROLLING PARTY

The smallest group in which the results of the company are consolidated is headed by Speed Group (Holdings) Limited. The registered office is Driftstone Manor, Middle Way, Kingston Gorse, East Preston, West Sussex, England, BN16 1SB.

The consolidated financial statements of the group are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.