LMSL Freehold Limited |
Notes to the Accounts |
for the year ended 31 December 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Investment Property |
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Investment properties are carried at fair value determined annually by the directors and derived from the current market rents and investmrent property yields for comparable real esttae, adjusted if necessary for any differenve in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comrehensive cincome. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Investment property |
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Land and buildings |
£ |
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Cost |
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At 1 January 2022 |
233,985 |
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At 31 December 2022 |
233,985 |
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Depreciation |
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At 31 December 2022 |
- |
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Net book value |
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At 31 December 2022 |
233,985 |
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At 31 December 2021 |
233,985 |
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4 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Other creditors |
239,232 |
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239,232 |
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239,232 |
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239,232 |
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5 |
Related party transactions |
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The company has taken the exemption available in FRS102 1A.35 and not disclosed balances and transactions entered into between two or more members of the group, provided that any subsidairy which is a party to the transaction is wholly owned by such a member. |
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6 |
Controlling party |
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The ultimate parent undertaking is LMSL Holdings Limited. There is no ultimate controlling party. |
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7 |
Other information |
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LMSL Freehold Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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113 Hoe Street |
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Walthamstow |
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London |
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E17 4RX |