Company Registration No. 05659875 (England and Wales)
Lima Group Limited
Unaudited accounts
for the year ended 31 December 2024
Lima Group Limited
Unaudited accounts
Contents
Lima Group Limited
Company Information
for the year ended 31 December 2024
Company Number
05659875 (England and Wales)
Registered Office
Sutton Scotney Mot & Repair Centre
Bullington Lane
Winchester
Hampshire
SO21 3LA
England
Lima Group Limited
Statement of financial position
as at 31 December 2024
Tangible assets
10,477
12,855
Investments
281,128
281,128
Cash at bank and in hand
2,238
10,845
Creditors: amounts falling due within one year
(291,593)
(351,914)
Net current assets
429,195
430,534
Total assets less current liabilities
720,800
724,517
Creditors: amounts falling due after more than one year
(3,891)
(14,101)
Provisions for liabilities
Deferred tax
(6,593)
(6,593)
Net assets
710,316
703,823
Called up share capital
100
100
Capital contribution reserve
100,000
100,000
Profit and loss account
610,216
603,723
Shareholders' funds
710,316
703,823
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 September 2025 and were signed on its behalf by
Mr D S King
Director
Company Registration No. 05659875
Lima Group Limited
Notes to the Accounts
for the year ended 31 December 2024
Lima Group Limited is a private company, limited by shares, registered in England and Wales, registration number 05659875. The registered office is Sutton Scotney Mot & Repair Centre, Bullington Lane, Winchester, Hampshire, SO21 3LA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25% Straight Line
Plant & machinery
15% Reducing balance
Fixtures & fittings
25% Reducing balance
Computer equipment
3 years straight line
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Lima Group Limited
Notes to the Accounts
for the year ended 31 December 2024
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. it also requires management to exercise judgement in applying the Company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the Company's tangible fixed assets and investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2024
30,995
36,743
3,487
1,435
72,660
At 31 December 2024
30,995
36,743
3,487
1,435
72,660
At 1 January 2024
30,995
26,659
1,627
524
59,805
Charge for the year
-
1,512
465
401
2,378
At 31 December 2024
30,995
28,171
2,092
925
62,183
At 31 December 2024
-
8,572
1,395
510
10,477
At 31 December 2023
-
10,084
1,860
911
12,855
Lima Group Limited
Notes to the Accounts
for the year ended 31 December 2024
5
Investments
Subsidiary undertakings
Valuation at 1 January 2024
281,128
Valuation at 31 December 2024
281,128
Amounts falling due within one year
Trade debtors
31,395
24,401
Amounts due from group undertakings etc.
686,106
746,153
Accrued income and prepayments
1,049
1,049
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Taxes and social security
11,303
12,239
Other creditors
24,983
12,017
Loans from directors
245,307
316,038
8
Creditors: amounts falling due after more than one year
2024
2023
9
Average number of employees
During the year the average number of employees was 7 (2023: 7).