REGISTERED NUMBER: 08029662 (England and Wales)

Financial Statements for the Year Ended 31 August 2025

for

LONDON PROCUREMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R P Lewis

REGISTERED OFFICE:

Driftstone Manor

Middleway

Kingston Gorse

East Preston

West Sussex

BN16 1SB

REGISTERED NUMBER:

08029662 (England and Wales)

FIXED ASSETS

Tangible assets

4

387

4,513

CURRENT ASSETS

Stocks

430,000

1,044,439

Debtors

5

20,236

19,885

Cash at bank

110

175

450,346

1,064,499

CREDITORS

Amounts falling due within one year

6

(937,375

)

(1,482,342

)

NET CURRENT LIABILITIES

(487,029

)

(417,843

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(486,642

)

(413,330

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(486,643

)

(413,331

)

SHAREHOLDERS' FUNDS

(486,642

)

(413,330

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 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 12 May 2026 and were signed by:

R P Lewis - Director

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.

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 (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2024

and 31 August 2025

278,386

DEPRECIATION

At 1 September 2024

273,873

Charge for year

4,126

At 31 August 2025

277,999

NET BOOK VALUE

At 31 August 2025

387

At 31 August 2024

4,513

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

20,236

19,885

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

8,854

8,621

Amounts owed to group undertakings

928,521

1,473,721

937,375

1,482,342

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

27,556

39,800

Between one and five years

25,011

52,567

52,567

92,367

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 2025 was £nil (2024: £nil).

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

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.