not to mention the profit made by the company but which ended up in the coffers of LMA not Sterling
From a business and legal point of view that's acceptable ... they're called dividends and if a company has made shedloads of money, it's not unreasonable that the company's owners should benefit from that.
However ... it is illegal to pay dividends if the company is making a loss after tax or if, by paying those dividends, the company turns a profit into a loss.
It would also be likely considered to be, at best, wrongful trading and at worst, fraudulent trading if dividends are paid (even if making a profit) when the company claims to have no cash to pay employees or suppliers.
Cheers
Whirls