Company Registration No. SC595140 (Scotland)
LORIMER CAPITAL LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
LORIMER CAPITAL LTD
CONTENTS
Page
Director's Report
1
Accountants' Report
2
Balance Sheet
3
Notes to the Financial Statements
4 - 6
Detailed Trading and Profit and Loss Account
LORIMER CAPITAL LTD
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 APRIL 2020
- 1 -
The director presents his annual report and financial statements for the Period ended 30 April 2020.
Principal activities
The principal activity of the company continued to be that of a construction holding company.
Director
The director who held office during the Period and up to the date of signature of the financial statements was as follows:
Mr R Lorimer
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr R Lorimer
Director
29 April 2021
LORIMER CAPITAL LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF LORIMER CAPITAL LTD
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lorimer Capital Ltd for the Period ended 30 April 2020 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of I
CAS
we are subject to its ethical and other professional requirements which are detailed at
https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-january-2017
.
This report is made solely to the Board of Directors of Lorimer Capital Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lorimer Capital Ltd and state those matters that we have agreed to state to the Board of Directors of Lorimer Capital Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lorimer Capital Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Lorimer Capital Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Lorimer Capital Ltd. You consider that Lorimer Capital Ltd is exempt from the statutory audit
requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Lorimer Capital Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
IDS + Co
29 April 2021
Chartered Accountants
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
LORIMER CAPITAL LTD
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 3 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
13,515
1,952
Cash at bank and in hand
100
100
13,615
2,052
Creditors: amounts falling due within one year
4
(15,203)
(5,699)
Net current liabilities
(1,588)
(3,647)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(1,589)
(3,648)
Total equity
(1,588)
(3,647)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the Period 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.
The financial statements were approved and signed by the director and authorised for issue on 29 April 2021
Mr R Lorimer
Director
Company Registration No. SC595140
LORIMER CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2020
- 4 -
1
Accounting policies
Company information
Lorimer Capital Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
C/o IDS + CO, 38 Beansburn, Kilmarnock, East Ayrshire, Scotland, KA3 1RL. The principal place of business is 2.9, 1 Redwood Crescent, East Kilbride, G74 5PA.
1.1
Accounting convention
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has a net deficit on the balance sheet at
30th April 2020
. The financial statements have been
prepared on a going concern basis which assumes that the company will continue in operational existence in the
n
foreseeable future.
The director considers this to be the appropriate basis to use based on his knowledge of the
business and as the company is meeting its debts as they fall due.
The validity of this assumption depends upon the director continuing their support by
providing adequate working capital to the company.
1.2
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.4
Equity instruments
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.
LORIMER CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
2019
Number
Number
Total
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,145
Other debtors
370
1,096
13,515
1,096
2020
2019
Amounts falling due after more than one year:
£
£
Deferred tax asset
856
Total debtors
13,515
1,952
4
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
1,740
5,000
Other creditors
13,463
699
15,203
5,699
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of 1p each
1
1
6
Related party transactions
Transactions with related parties
LORIMER CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
6
Related party transactions
(Continued)
- 6 -
Lorimer Capital Limited and Tomorrows Energy Saving Technologies Limited; SC491141, are related by virtue of common control.
At 30 April 2020, Lorimer Capital Limited owed Tomorrows Energy Saving Technologies Limited £9,795. The loan is interest free and has no fixed date for repayment.
Lorimer Capital Limited was the parent company of Equity Acquisition Limited; SC597135., which was dissolved on 5 January 2021. At 30 April 2020, the amount of £5,000 owed by Lorimer Capital Limited was written off.
Lorimer Capital Limited is the parent company of Excel Construction Training Limited; SC627280.
At 30 April 2020, Lorimer Capital Limited owes Excel Construction Training Limited £1,740. The loan is interest free and has no fixed date for repayment.
Lorimer Capital Limited is the parent company of Lorimer Stevenson Limited; SC641255.
At 30 April 2020, Lorimer Stevenson Limited owes Lorimer Capital Limited £13,145. The loan is interest free and has no fixed date for repayment.
7
Directors' transactions
During the year, Raymond Lorimer advanced funds of £12,319 to the company. The company repaid £10,350. At 30 April 2020 the balance of the loan due to Raymond Lorimer is £2,068. The loan is interest free and has no fixed date for repayment.