LORIMER CAPITAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Company Registration No. SC595140 (Scotland)
PAGES FOR FILING WITH REGISTRAR
LORIMER CAPITAL LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
LORIMER CAPITAL LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF LORIMER CAPITAL LTD
- 1 -
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 year ended 30 April 2023 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
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 the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. 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 loss of Lorimer Capital Ltd. You consider that Lorimer Capital Ltd is exempt from the statutory audit requirement for the year.
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.
William Duncan + Co Ltd
20 December 2023
Chartered Accountants
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
LORIMER CAPITAL LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
295,100
170,100
Current assets
Debtors
4
392
44,168
Cash at bank and in hand
703
33
1,095
44,201
Creditors: amounts falling due within one year
5
(337,679)
(250,151)
Net current liabilities
(336,584)
(205,950)
Net liabilities
(41,484)
(35,850)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(41,485)
(35,851)
Total equity
(41,484)
(35,850)
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 year ended 30 April 2023 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.
The member has not required the company to obtain an audit of its financial statements for the year 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 20 December 2023
Mr R Lorimer
Director
Company registration number SC595140 (Scotland)
LORIMER CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Lorimer Capital Ltd is a private company limited by shares incorporated in Scotland. The registered office is William Duncan + Co, Chartered Accountants, 44 Bank Street, Kilmarnock, KA1 1HA. 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has a net deficit on the balance sheet at the year end. The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence in the 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
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
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.
1.4
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.
1.5
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 YEAR ENDED 30 APRIL 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
295,100
170,100
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022
170,100
Additions
125,000
At 30 April 2023
295,100
Carrying amount
At 30 April 2023
295,100
At 30 April 2022
170,100
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
392
44,168
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
211
193
Amounts owed to group undertakings
249,439
88,480
Other creditors
88,029
161,478
337,679
250,151
LORIMER CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
7
Related party transactions
Transactions with related parties
Lorimer Capital Limited and Tomorrows Energy Saving Technologies Limited; SC491141, are related by virtue of common control. At 30 April 2023, Tomorrows Energy Saving Technologies Limited owes Lorimer Capital Limited £392 (2022 - £5,123 owed to related party). The loan is interest free and has no fixed date for repayment.
8
Directors' transactions
During the year, the company advanced £70,559 to the director and the director repaid £125,896. At 30 April 2023, the balance owed to the director is £11,169 (2022 - £44,168 from the director).