REGISTERED NUMBER: 05187942 (England and Wales)

Financial Statements

for the Year Ended 30 September 2018

for

LM Property Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs C J King

Mr C N L Maunder

Mr J S L Maunder

Mr P L Maunder

Mr A J L Maunder

Mr R L Maunder

SECRETARY:

Mr P L Maunder

REGISTERED OFFICE:

Stafford House

Blackbrook Park Avenue

TAUNTON

Somerset

TA1 2PX

REGISTERED NUMBER:

05187942 (England and Wales)

AUDITORS:

A C Mole & Sons

Chartered Accountants

& Statutory Auditors

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

FIXED ASSETS

Investment property

4

9,179,500

9,179,500

CURRENT ASSETS

Debtors

5

266,977

236,598

Cash at bank

431,641

413,380

698,618

649,978

CREDITORS

Amounts falling due within one year

6

805,044

795,108

NET CURRENT LIABILITIES

(106,426

)

(145,130

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,073,074

9,034,370

CREDITORS

Amounts falling due after more than one year

7

28,704

69,123

NET ASSETS

9,044,370

8,965,247

CAPITAL AND RESERVES

Called up share capital

13,800

13,800

Non-distributable reserves

6,456,384

6,456,384

Retained earnings

2,574,186

2,495,063

SHAREHOLDERS' FUNDS

9,044,370

8,965,247

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 January 2019 and were signed on its behalf by:

Mr R L Maunder - Director

1.	STATUTORY INFORMATION

LM Property Holdings Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of investment property, and certain financial assets and liabilities measured at fair value through the income

statement.

Turnover

Turnover is measured at the fair value of the consideration received or receivable from the rental of properties,

excluding discounts, value added tax and other sales taxes.

Turnover is recognised in the accounting period to which the rental relates.

Investment property

Investment property is initially recognised at cost and subsequently measured at fair value. Any aggregate

surplus or deficit arising from changes in fair value is recognised in the income statement. In accordance with

FRS 102 investment property is not depreciated.

Financial instruments

i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised

at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the

impairment loss is recognised in the income statement.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at

transaction price and subsequently measured at amortised cost.

The company does not have any complex financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Subsidiary undertaking

At the balance sheet date the Company held 100% of the issued ordinary share capital of a dormant subsidiary,

LM Agriculture Limited. This subsidiary has not been consolidated on the grounds of immateriality. The

investment in subsidiary is not included in the accounts on the same basis.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions

that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will,

by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk

of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year

are addressed below:

i) Valuation of investment properties

The company carries its investment property at fair value, with changes in fair value being recognised in profit or

loss. The Directors have engaged independent valuation specialists to determine the fair value of investment

properties. Further details of these valuations is set out in note 5.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 7 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2017

and 30 September 2018

9,179,500

NET BOOK VALUE

At 30 September 2018

9,179,500

At 30 September 2017

9,179,500

Investment properties are shown at fair value. All properties have been valued at open market value.

As the company has a portfolio of properties different properties have been subject to valuations by different

parties. The names of the persons making these valuations are as follows:

Harcourt Kerr

- Chartered Surveyors

September 2015

King Wilkinson & Co Limited

- Chartered Surveyors & Valuers

September 2015

The open market values of the properties at the balance sheet date are reviewed by Directors and adjusted in

view of any information which has become available since the date of the last valuation by a qualified external

valuer. The relevant changes in circumstances are generally those relating to the condition of the properties and

current tenancies, although information available to the Directors relating to market transactions involving

directly comparable properties may also be considered. For the purposes of this review it is generally assumed

that existing tenancies will continue until their term, unless the Directors have specific information suggesting

otherwise.

No adjustments have been made by the Directors to the valuations provided by the valuers listed above, as the

Directors consider these values to remain appropriate at the balance sheet date.

The historic cost equivalent value of the freehold properties at the Balance Sheet date amounted to £2,723,116

(2017 - £2,723,116).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

243,973

213,598

Other debtors

23,004

23,000

266,977

236,598

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

41,594

50,037

Trade creditors, accruals and deferred income

235,485

226,039

Tax

165,000

155,000

Social security and other taxes

40,430

40,597

Dividends declared

317,400

317,400

Other creditors

5,135

6,035

805,044

795,108

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

28,704

40,144

Bank loans - 2-5 years

-

28,979

28,704

69,123

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

70,298

119,160

The above bank loans are secured by a first legal charge over a number of the company's investment properties

and land.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alexandra Shore FCA CTA (Senior Statutory Auditor)

for and on behalf of A C Mole & Sons