Leehand Limited - Limited company accounts 18.2
Leehand Limited - Limited company accounts 18.2
REGISTERED NUMBER: 04544306 (England and Wales) |
Leehand Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 September 2018 |
Leehand Limited (Registered number: 04544306) |
Contents of the Consolidated Financial Statements |
for the year ended 30 September 2018 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Leehand Limited |
Company Information |
for the year ended 30 September 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Leehand Limited (Registered number: 04544306) |
Group Strategic Report |
for the year ended 30 September 2018 |
The directors present their strategic report of the company and the group for the year ended |
30 September 2018. |
REVIEW OF BUSINESS |
Sales for the year ended 30 September 2018 showed an increase of 8.3% to £4.2m, with the increase being |
due to more weddings being catered for during the year. |
Food and beverage revenues were generally consistent in the year. |
The gross profit margin decreased to 31.0% from 37.2% and the group recorded an EBITDA loss in the year |
of £112,383 (2017: profit £188,652). |
The operating loss decreased to £209,104 from £362,625 and the loss on ordinary activities before taxation |
reduced to £206,921 from £362,607. |
KEY PERFORMANCE INDICATORS |
Financial |
Gross profit margin 31.0% (2017: 37.2%) calculated as Gross Profit/Turnover |
EBITDA loss £112,383 (2017: profit £188,652) calculated as profit before interest, tax, depreciation and |
amortisation |
Non-financial |
Operational headcount 127 (2017: 119) |
PRINCIPAL RISKS AND UNCERTAINTIES |
In 2018, the challenge will lie in increasing revenues and margins, controlling payroll costs and buildings |
overhead, while maintaining the high levels of service expected by our customers. Further, inflationary |
pressures in the areas of food cost and utility will put increased pressure on achieving the operating profit. |
ON BEHALF OF THE BOARD: |
Leehand Limited (Registered number: 04544306) |
Report of the Directors |
for the year ended 30 September 2018 |
The directors present their report with the financial statements of the company and the group for the year |
ended 30 September 2018. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of property development, letting of |
investment properties and operating a hotel, spa and restaurant. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2018. |
FUTURE DEVELOPMENTS |
There are no future developments under review. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2017 to the date of |
this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the |
financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the directors must not approve the financial statements unless they are satisfied that they give a true and |
fair view of the state of affairs of the company and the group and of the profit or loss of the group for that |
period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's and the group's transactions and disclose with reasonable accuracy at any time the financial |
position of the company and the group and enable them to ensure that the financial statements comply with |
the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the |
group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps |
that he or she ought to have taken as a director in order to make himself or herself aware of any relevant |
audit information and to establish that the group's auditors are aware of that information. |
Leehand Limited (Registered number: 04544306) |
Report of the Directors |
for the year ended 30 September 2018 |
AUDITORS |
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act |
2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Leehand Limited |
Opinion |
We have audited the financial statements of Leehand Limited (the 'parent company') and its subsidiaries (the |
'group') for the year ended 30 September 2018 which comprise the Consolidated Income Statement, |
Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, |
Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash |
Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, |
including a summary of significant accounting policies. The financial reporting framework that has been |
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' |
(United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2018 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
group in accordance with the ethical requirements that are relevant to our audit of the financial statements in |
the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Group Strategic Report and the Report of the Directors, but does not include the financial statements and our |
Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent |
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, |
in doing so, consider whether the other information is materially inconsistent with the financial statements or |
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such |
material inconsistencies or apparent material misstatements, we are required to determine whether there is a |
material misstatement in the financial statements or a material misstatement of the other information. If, |
based on the work we have performed, we conclude that there is a material misstatement of this other |
information, we are required to report that fact. We have nothing to report in this regard. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Leehand Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment |
obtained in the course of the audit, we have not identified material misstatements in the Group Strategic |
Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair |
view, and for such internal control as the directors determine necessary to enable the preparation of financial |
statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent |
company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern |
and using the going concern basis of accounting unless the directors either intend to liquidate the group or the |
parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free |
from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes |
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. |
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, |
they could reasonably be expected to influence the economic decisions of users taken on the basis of these |
financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our |
Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditor |
Leehand Limited (Registered number: 04544306) |
Consolidated Income Statement |
for the year ended 30 September 2018 |
2018 | 2017 |
Notes | £ | £ |
TURNOVER | 4,203,549 | 3,881,019 |
Cost of sales | 2,898,826 | 2,435,759 |
GROSS PROFIT | 1,304,723 | 1,445,260 |
Administrative expenses | 1,518,517 | 1,825,808 |
(213,794 | ) | (380,548 | ) |
Other operating income | 4,690 | 17,923 |
OPERATING LOSS | 4 | (209,104 | ) | (362,625 | ) |
Interest receivable and similar income | 2,183 | 18 |
LOSS BEFORE TAXATION | (206,921 | ) | (362,607 | ) |
Tax on loss | 5 | - | - |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (206,921 | ) | (362,607 | ) |
Leehand Limited (Registered number: 04544306) |
Consolidated Other Comprehensive Income |
for the year ended 30 September 2018 |
2018 | 2017 |
Notes | £ | £ |
LOSS FOR THE YEAR | (206,921 | ) | (362,607 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(206,921 |
) |
(362,607 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (206,921 | ) | (362,607 | ) |
Leehand Limited (Registered number: 04544306) |
Consolidated Balance Sheet |
30 September 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 | 7,765,093 | 8,231,796 |
Investments | 8 | - | - |
Investment property | 9 | - | 128,657 |
7,765,093 | 8,360,453 |
CURRENT ASSETS |
Stocks | 10 | 285,159 | 621,038 |
Debtors | 11 | 258,530 | 472,731 |
Cash at bank and in hand | 1,612,372 | 719,880 |
2,156,061 | 1,813,649 |
CREDITORS |
Amounts falling due within one year | 12 | 981,693 | 1,027,720 |
NET CURRENT ASSETS | 1,174,368 | 785,929 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,939,461 |
9,146,382 |
CAPITAL AND RESERVES |
Called up share capital | 13 | 181,110 | 181,110 |
Share premium | 14 | 13,070,939 | 13,070,939 |
Capital reserve | 14 | 991,978 | 991,978 |
Fair value reserve | 14 | - | 78,895 |
Retained earnings | 14 | (5,304,566 | ) | (5,176,540 | ) |
SHAREHOLDERS' FUNDS | 8,939,461 | 9,146,382 |
The financial statements were approved by the Board of Directors on 23 May 2019 and were signed on its |
behalf by: |
FM Cochrane - Director |
Leehand Limited (Registered number: 04544306) |
Company Balance Sheet |
30 September 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 | - | - |
Investments | 8 |
Investment property | 9 |
CURRENT ASSETS |
Debtors | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors on behalf by: |
Leehand Limited (Registered number: 04544306) |
Consolidated Statement of Changes in Equity |
for the year ended 30 September 2018 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 October 2016 | 181,110 | (4,813,933 | ) | 13,070,939 |
Changes in equity |
Total comprehensive income | - | (362,607 | ) | - |
Balance at 30 September 2017 | 181,110 | (5,176,540 | ) | 13,070,939 |
Changes in equity |
Total comprehensive income | - | (128,026 | ) | - |
Balance at 30 September 2018 | 181,110 | (5,304,566 | ) | 13,070,939 |
Fair |
Capital | value | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 October 2016 | 991,978 | 78,895 | 9,508,989 |
Changes in equity |
Total comprehensive income | - | - | (362,607 | ) |
Balance at 30 September 2017 | 991,978 | 78,895 | 9,146,382 |
Changes in equity |
Total comprehensive income | - | (78,895 | ) | (206,921 | ) |
Balance at 30 September 2018 | 991,978 | - | 8,939,461 |
Leehand Limited (Registered number: 04544306) |
Company Statement of Changes in Equity |
for the year ended 30 September 2018 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 October 2016 |
Changes in equity |
Balance at 30 September 2017 |
Changes in equity |
Balance at 30 September 2018 |
Leehand Limited (Registered number: 04544306) |
Consolidated Cash Flow Statement |
for the year ended 30 September 2018 |
2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 391,670 | (8,906 | ) |
Net cash from operating activities | 391,670 | (8,906 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (131,360 | ) | (221,950 | ) |
Sale of tangible fixed assets | 503,999 | - |
Sale of fixed asset investments | (2,657 | ) | - |
Sale of investment property | 128,657 | - |
Interest received | 2,183 | 18 |
Net cash from investing activities | 500,822 | (221,932 | ) |
Increase/(decrease) in cash and cash equivalents | 892,492 | (230,838 | ) |
Cash and cash equivalents at beginning of year |
2 |
719,880 |
950,718 |
Cash and cash equivalents at end of year |
2 |
1,612,372 |
719,880 |
Leehand Limited (Registered number: 04544306) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 30 September 2018 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2018 | 2017 |
£ | £ |
Loss before taxation | (206,921 | ) | (362,607 | ) |
Depreciation charges | 121,369 | 551,277 |
Profit on disposal of fixed assets | (24,648 | ) | - |
Finance income | (2,183 | ) | (18 | ) |
(112,383 | ) | 188,652 |
Decrease in stocks | 335,879 | 37,421 |
Decrease/(increase) in trade and other debtors | 214,201 | (258,942 | ) |
(Decrease)/increase in trade and other creditors | (46,027 | ) | 23,963 |
Cash generated from operations | 391,670 | (8,906 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
Year ended 30 September 2018 |
30/9/18 | 1/10/17 |
£ | £ |
Cash and cash equivalents | 1,612,372 | 719,880 |
Year ended 30 September 2017 |
30/9/17 | 1/10/16 |
£ | £ |
Cash and cash equivalents | 719,880 | 950,718 |
Leehand Limited (Registered number: 04544306) |
Notes to the Consolidated Financial Statements |
for the year ended 30 September 2018 |
1. | STATUTORY INFORMATION |
Leehand Limited is a |
company's registered number and registered office address can be found on the General Information |
page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements have been rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements consolidate the accounts of Leehand Limited and its subsidiary |
undertakings. |
Turnover |
Turnover represents sales of goods and services, excluding value added tax. Revenue from property |
sales is recognised on legal completion. |
Tangible fixed assets |
No depreciation is provided on freehold buildings as it is the group's policy to maintain these properties |
to a high standard to protect their trade and the costs of maintenance are charged to the profit and loss |
account. Therefore their value to the business is not impaired by the passage of time and as a |
consequence, in the opinion of the directors, any provision for depreciation would be immaterial. The |
directors consider that the aggregate of their residual values is at least equal to the aggregate of their |
book values. Depreciation of all other tangible assets is calculated to write down the cost less |
estimated residual value by instalments over their expected useful lives. The rates and periods |
generally applicable are: |
Fixtures & fittings, furniture and equipment | between 10% and 33% on cost |
Investment property |
In accordance with Financial Reporting Standard 102, the company's properties are held for long-term |
investment and are included in the Balance Sheet at their open market values. Any surplus or deficit |
on revaluation of such properties is transferred to the investment property revaluation reserve. |
Depreciation is not provided in respect of freehold investment properties. This policy represents a |
departure from the requirements of the Companies Act, which requires depreciation to be provided on |
all fixed assets. The directors consider that this policy is necessary in order that the financial |
statements may give a true and fair view because current values and changes in current values are of |
prime importance rather than the calculation of systematic annual depreciation. |
Stocks |
Work-in-progress is at the lower of cost and net realisable value. Cost includes the cost of direct |
materials and legal and professional fees plus attributable overhead, where applicable. The |
attributable profit on long-term contracts is recognised once their outcome can be assessed with |
reasonable certainty. The profit reflects the proportion of the work on the contract completed to date. |
Full provision is made for losses on all contracts in the year in which the loss is first foreseen. Other |
stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Leehand Limited (Registered number: 04544306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual |
arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its |
liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated |
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 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's |
pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are held at cost less any provision for impairment in value. Investments are reviewed for |
impairment if events or changes in circumstances indicate that the carrying value may not be |
recoverable. |
3. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Leehand Limited (Registered number: 04544306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2018 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2018 | 2017 |
Management and administration | 8 | 8 |
Sales and marketing | 5 | 5 |
Operational | 114 | 119 |
2018 | 2017 |
£ | £ |
Directors' remuneration |
4. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2018 | 2017 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Audit of these financial statements |
Audit of group |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 September 2018 nor for the year ended |
30 September 2017. |
The group has an unrecognised deferred tax asset in respect of the following, calculated at 17% |
(2017: 19%): |
2018 | 2017 |
£ | £ |
Unrelieved trading losses | 460,194 | 470,100 |
Accelerated capital allowances | 612,433 | 686,382 |
Unrecognised deferred tax asset | 1,072,627 | 1,156,482 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company |
is not presented as part of these financial statements. |
Leehand Limited (Registered number: 04544306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2018 |
7. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
& fittings, |
furniture |
Freehold | and |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2018 |
DEPRECIATION |
At 1 October 2017 |
Charge for year |
At 30 September 2018 |
NET BOOK VALUE |
At 30 September 2018 |
At 30 September 2017 | 7,886,053 | 345,743 | 8,231,796 |
The directors reviewed the carrying amount of tangible fixed assets following the operating loss |
recorded in the year. In 2009 an impairment charge of £1.7m was made against freehold property to |
reduce the value to the higher of net realisable value and value in use. |
8. | FIXED ASSET INVESTMENTS |
Company |
2018 | 2017 |
£ | £ |
Shares in group undertakings |
Loans to group undertakings |
Additional information is as follows: |
Leehand Limited (Registered number: 04544306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2018 |
8. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2017 |
and 30 September 2018 |
NET BOOK VALUE |
At 30 September 2018 |
At 30 September 2017 |
The group or the company's investments at the Balance Sheet date in the share capital of companies |
include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Company |
Loans to |
group |
undertakings |
£ |
At 1 October 2017 |
and 30 September 2018 |
Leehand Limited (Registered number: 04544306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2018 |
9. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 October 2017 | 128,657 |
Disposals | (128,657 | ) |
At 30 September 2018 | - |
NET BOOK VALUE |
At 30 September 2018 | - |
At 30 September 2017 | 128,657 |
10. | STOCKS |
Group |
2018 | 2017 |
£ | £ |
Stock | 79,480 | 73,991 |
Work-in-progress | 205,679 | 547,047 |
285,159 | 621,038 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Trade debtors | 52,426 | 288,078 |
Amounts owed by group undertakings | - | - |
Other debtors | 37,065 | 37,031 |
Prepayments and accrued income | 169,039 | 147,622 |
258,530 | 472,731 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2018 | 2017 |
£ | £ |
Trade creditors | 355,459 | 328,482 |
Social security and other taxes | 38,309 | 67,838 |
VAT | 112,922 | 146,308 |
Deposits and other creditors | 396,904 | 411,263 |
Accruals and deferred income | 78,099 | 73,829 |
981,693 | 1,027,720 |
Leehand Limited (Registered number: 04544306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 September 2018 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £0.01 | 181,110 | 181,110 |
The shares have attached to them full voting, dividend and capital distribution rights. |
14. | RESERVES |
Group |
Fair |
Retained | Share | Capital | value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 October 2017 | (5,176,540 | ) | 13,070,939 | 991,978 | 78,895 | 8,965,272 |
Deficit for the year | (206,921 | ) | (206,921 | ) |
Realisation in year | 78,895 | - | - | (78,895 | ) | - |
At 30 September 2018 | (5,304,566 | ) | 13,070,939 | 991,978 | - | 8,758,351 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2017 | 16,546,568 |
Profit for the year |
At 30 September 2018 | 16,546,568 |
15. | RELATED PARTY DISCLOSURES |
In the opinion of the directors the company is controlled by Mrs HE Walker. |