LMC_OXFORD_HOLDINGS_LIMIT - Accounts

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

For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LMC Oxford Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, Clarendon House, 52 Cornmarket Street, Oxford, OX1 3HJ.

The principal activity of the company continued to be that of a holding company.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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.

Dividends

Equity dividends are recognised when they become legally payable.

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

Details of the company's subsidiaries at 30 April 2020 are as follows:

Where possible the company has taken the exemption conferred by FRS 102 Section 33.1A to not disclose transactions and balances with wholly owned subsidiary undertakings of the group.

Included in debtors is an amount of £9,601 (2019: £9,601) owed by LMC International Limited, a company under common control. This amount is unsecured and interest free, with no fixed repayment terms.

During the year, LMC Automotive, a 55% owned subsidiary of LMC Oxford Holdings Limited paid a dividend of £108,900 to the company.

The directors consider that the company's ultimate parent undertaking is its parent company, LMCA Holdings Limited, incorporated in England and Wales by virtue of its holding 100% of the Company's ordinary share capital.