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04994078
2022-12-31
04994078
2022-01-01
2022-12-31
04994078
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04994078
2021-01-01
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04994078
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04994078
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04994078
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04994078
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04994078
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04994078
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04994078
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04994078
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04994078
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uk-bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
| Registered Number:04994078 |
For the year ended 31 December 2022
England and Wales
Unaudited Financial Statements
2
LMI Investments Limited
Statement of Financial Position
2021
2022
2
662,000
680,000
662,000
680,000
| Trade and other receivables |
259
200
3
1,318
| Cash and cash equivalents |
-
200
1,577
| Trade and other payables: amounts falling due within one |
| year |
(233,008)
(234,866)
4
(231,431)
(234,666)
Net current liabilities
| Total assets less current liabilities |
427,334
448,569
| Trade and other payables: amounts falling due after more |
| than one year |
(5,125)
(4,169)
5
423,165
Net assets
443,444
110,488
110,488
312,677
332,956
423,165
443,444
Shareholders' funds
| For the year ended 31 December 2022 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 2022 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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3
For the year ended 31 December 2022
LMI Investments Limited
Statement of Financial Position Continued
| These financial statements were approved and authorised for issue by the Board on 30 August 2023 and were signed by: |
| The notes form part of these financial statements |
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4
For the year ended 31 December 2022
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. |
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.
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. |
| The Statement of Financial Position shows Net Current Liabilities at 31 December 2022 of £234,666 (2021: |
| £231,431). Included in this sum are shareholder loans totalling £147,133 (2021: £225,957). 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. Since the end of the financial year, the |
| company has sold one of its investment properties for an amount of £195,000. |
| 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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5
For the year ended 31 December 2022
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. Current TaxationThe 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 TaxationDeferred 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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6
For the year ended 31 December 2022
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. |
680,000
(18,000)
662,000
662,000
680,000
| The director has valued the investment properties at 31 December 2022 based on his knowledge of the local property market, prices of comparatives properties on the open market and the after-date sale of one of the company's investment properties. Consequently, the company has made a fair value adjustment to reduce the value of the properties by £18,000 at 31 December 2022. |
| 3. Trade and other receivables |
2021
2022
| Prepayments and accrued income |
-
259
200
-
259
200
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7
For the year ended 31 December 2022
LMI Investments Limited
Notes to the Financial Statements Continued
| 4. Trade and other payables: amounts falling due within one year |
2021
2022
1,784
1,500
533
-
| Taxation and social security |
1,051
2,695
| Accruals and deferred income |
1,698
2,856
72,209
153,031
157,591
72,926
234,866
233,008
| Other creditors include the following amounts: Shareholder's loan - £74,924 (2021: £72,294) |
| 5. Trade and other payables: amounts falling due after more than one year |
2021
2022
4,169
5,125
| 6. Related party transactions |
| Included in note 4 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 2022: |
| Amount owed to the director - £72,209 (2021: £153,031) |
| Also included in note 4 is a loan from the company's executive pension scheme of which the director is a |
| beneficiary, in the sum of £82,463 (2021: £0). The loan bears interest at the rate of 5% and was repaid in full |
| on 14 August 2023. |
| 7. Average number of persons employed |
During the year the average number of employees was 0 (2021: 0)
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