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LMI INVESTMENTS LIMITED - Company Information

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LMI Investments Limited

Registered Number:04994078

For the year ended 31 December 2021

England and Wales

Unaudited Financial Statements

Registered Number :

04994078

As at 31 December 2021

LMI Investments Limited

Statement of Financial Position

2020

2021

Notes

Fixed assets

680,000

Investment property

680,000

Current assets

Trade and other receivables

1,207

259

348

Cash and cash equivalents

1,318

1,577

1,555

Trade and other payables: amounts falling due within one

year

(235,143)

(233,008)

(233,588)

(231,431)

Net current liabilities

Total assets less current liabilities

448,569

446,412

Trade and other payables: amounts falling due after more

than one year

(6,625)

(5,125)

443,444

Net assets

439,787

Capital and reserves

Called up share capital

110,488

Retained earnings

332,956

329,299

443,444

439,787

Shareholders' funds

For the year ended 31 December 2021 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 of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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

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Registered Number :

04994078

For the year ended 31 December 2021

LMI Investments Limited

Statement of Financial Position Continued

A L Lorant Director

These financial statements were approved and authorised for issue by the Board on 12 August 2022 and were signed by:

The notes form part of these financial statements

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For the year ended 31 December 2021

LMI Investments Limited

Notes to the Financial Statements

Statutory Information

LMI Investments Limited is a private limited company, limited by shares, domiciled in England and Wales,

registration number 04994078.

Registered address:

c/o Summit Bookkeeping Ltd

Bryn Awel

Brithdir, Dolgellau

Gwynedd

LL40 2RR

The presentation currency is £ sterling.

The principal activity of the company continued to be that of property investment.

1. Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the Financial Reporting Standard 102 Section

1A ('The Financial Reporting Standard applicable in the UK and the Republic of Ireland') and the Companies

Act 2006, using the historical cost convention except for any items disclosed in the accounting policies as

being shown at fair value.

Going Concern

The Statement of Financial Position shows Net Current Liabilities of £231,431 at 31 December 2021 (2020:

£233,588). Included in this sum are shareholder loans totalling £225,957 (2020: £228,798). The shareholders

have pledged their continuing financial support to the company by not demanding repayment of their debt

unless cashflow from the company's ordinary activities allows.

In their assessment of going concern the director has considered the current impact on the company as a

result of the COVID-19 virus. This has not had a significant impact on the company's operations due to the

nature of the business.

After making enquiries the director has a reasonable expectation that the company has sufficient working

capital to continue in operational existence for the foreseeable future and to meet its liabilities as they fall

due. Accordingly, the financial statements have been prepared on the going concern basis.

Revenue recognition

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable properties determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the asset. Changes in fair value are recognised in the Statement of Income.

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For the year ended 31 December 2021

LMI Investments Limited

Notes to the Financial Statements Continued

Deferred tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing

borrowings are subsequently carried at amortised cost with the difference between the proceeds, net of

transaction costs, and the amount due on redemption being recognised as a charge to the Statement of

Income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable

and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer

settlement of the liability for at least 12 months after the reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the

assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar

debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are

presented as such in the Statement of Financial Position. Finance costs and gains or losses relating to financial

liabilities are included in the Income Statement. Finance costs are calculated so as to produce a constant rate

of return on the outstanding liability.

Where the contractual terms of share capital do not have any items meeting the definition of a financial

liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments

are debited direct to equity.

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For the year ended 31 December 2021

LMI Investments Limited

Notes to the Financial Statements Continued

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly through one or more intermediaries, to control the

company or exercise significant influence over the company in making financial and operating policy decisions

or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venturer;

(iv) the party is a member of key management personnel of the company or a close family member of such

an individual or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) above or is an entity under the control, joint

control or significant influence of such individuals;

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of

any entity that is a related party of the company; or

(vii) the party or any member of a group of which it is part, provides key management personnel services to

the company.

Close family members of an individual are those family members who may be expected to influence or be

influenced by that individual in their dealings with the entity.

2. Investment property

Total

Fair value

At 01 January 2021

680,000

At 31 December 2021

680,000

Net book value

At 31 December 2021

680,000

At 31 December 2020

680,000

The director confirms that the value of the company's investment property is fairly stated in the sum of £680,000 at 31 December 2021.

3. Trade and other receivables

2020

2021

Trade debtors

912

Prepayments and accrued income

259

295

1,207

259

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For the year ended 31 December 2021

LMI Investments Limited

Notes to the Financial Statements Continued

4. Trade and other payables: amounts falling due within one year

2020

2021

Bank loans and overdraft

1,500

875

Taxation and social security

2,695

2,454

Accruals and deferred income

2,856

3,016

Directors' loan accounts

153,031

157,874

Other creditors

72,926

70,924

233,008

235,143

5. Trade and other payables: amounts falling due after more than one year

2020

2021

Bank loans and overdraft

5,125

6,625

6. Related party transactions

Included in note 3 to the financial statements, trade and other payables: amounts falling due within one year,

are the following amounts owed by the company at 31 December 2021:

Amount owed to the director £153,031 (2020: £157,874)

Amount owed to a shareholder (person of significant control) £72,924 (2020: £70,924)

7. Average number of persons employed

During the year the average number of employees was 0 (2020: 0)

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