LMS Thinking Limited Filleted accounts for Companies House (small and micro)

LMS Thinking Limited Filleted accounts for Companies House (small and micro)

LMS THINKING LIMITED - Company Information

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0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 751,750 751,750 751,750 xbrli:pure xbrli:shares iso4217:GBP 08409637 2022-01-01 2022-12-31 08409637 2022-12-31 08409637 2021-12-31 08409637 2021-01-01 2021-12-31 08409637 2021-12-31 08409637 2020-12-31 08409637 bus:Director1 2022-01-01 2022-12-31 08409637 core:WithinOneYear 2022-12-31 08409637 core:WithinOneYear 2021-12-31 08409637 core:AfterOneYear 2022-12-31 08409637 core:AfterOneYear 2021-12-31 08409637 core:ShareCapital 2022-12-31 08409637 core:ShareCapital 2021-12-31 08409637 core:RetainedEarningsAccumulatedLosses 2022-12-31 08409637 core:RetainedEarningsAccumulatedLosses 2021-12-31 08409637 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 08409637 core:Non-currentFinancialInstruments 2022-12-31 08409637 core:Non-currentFinancialInstruments 2021-12-31 08409637 bus:SmallEntities 2022-01-01 2022-12-31 08409637 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 08409637 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08409637 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08409637 bus:FullAccounts 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 08409637
LMS THINKING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2022
LMS THINKING LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Investments
4
751,750
751,750
Current assets
Debtors
5
17,495
11,000
Cash at bank and in hand
98,131
27,640
----------
---------
115,626
38,640
Creditors: amounts falling due within one year
6
( 193,021)
( 252,741)
----------
----------
Net current liabilities
( 77,395)
( 214,101)
----------
----------
Total assets less current liabilities
674,355
537,649
Creditors: amounts falling due after more than one year
7
( 546,439)
( 465,540)
----------
----------
Net assets
127,916
72,109
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
127,816
72,009
----------
---------
Shareholders funds
127,916
72,109
----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LMS THINKING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 18 August 2023 , and are signed on behalf of the board by:
T Kennedy
Director
Company registration number: 08409637
LMS THINKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 73a Weston Street, London, SE1 3RS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Investments
Other investments other than loans
£
Cost
At 1 January 2022 and 31 December 2022
751,750
----------
Impairment
At 1 January 2022 and 31 December 2022
–
----------
Carrying amount
At 31 December 2022
751,750
----------
At 31 December 2021
751,750
----------
5. Debtors
2022
2021
£
£
Other debtors
17,495
11,000
---------
---------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
6,220
6,220
Amounts owed to group undertakings and undertakings in which the company has a participating interest
27,491
27,491
Corporation tax
13,372
5,069
Social security and other taxes
3,157
3,099
Other creditors
142,781
210,862
----------
----------
193,021
252,741
----------
----------
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
546,439
465,540
----------
----------
8. Director's advances, credits and guarantees
No transaction with directors were undertaken as are required to be disclosed under FRS102 section 1A.
No transactions with directors were undertaken such as are required to be disclosed under FRS102 section 1A.