Lee Projects Limited Filleted accounts for Companies House (small and micro)

LEE PROJECTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08400353

Lee Projects Limited

Filleted Unaudited Abridged Financial Statements

31 March 2020

Lee Projects Limited

Abridged Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		2,339	1,137

Current assets

Debtors	334,510	103,718
Cash at bank and in hand	67,006	42,249
	---------	---------
	401,516	145,967

Creditors: amounts falling due within one year	377,308		146,803
	---------		---------
Net current assets/(liabilities)		24,208	( 836)
		--------	-------
Total assets less current liabilities		26,547	301

Provisions

Taxation including deferred tax	444	216
	--------	----
Net assets	26,103	85
	--------	----

Capital and reserves

Called up share capital	1	1
Profit and loss account	26,102	84
	--------	----
Shareholder funds	26,103	85
	--------	----

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

Lee Projects Limited

Abridged Statement of Financial Position (continued)

31 March 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 14 January 2021 , and are signed on behalf of the board by:

Mr G F Lee
Director

Company registration number: 08400353

Lee Projects Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 92B King Street, Knutsford, Cheshire, WA16 6ED, United Kingdom.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the period for work done and expenses incurred, excluding Value Added Tax. Turnover is recognised on a strict time basis for each project based on the stage of completion of the works involved and where relevant the subcontractors' costs incurred as a proportion of the total expected for the project as a whole; interim bills are raised as project work progresses and all work completed is generally invoiced on a monthly basis.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost and are subsequently stated at cost less accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures, fittings and equipment	-	15% reducing balance

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 1 ).

5. Tangible assets

	£
Cost
At 1 April 2019	2,524
Additions	1,547
	-------
At 31 March 2020	4,071
	-------
Depreciation
At 1 April 2019	1,387
Charge for the year	345
	-------
At 31 March 2020	1,732
	-------
Carrying amount
At 31 March 2020	2,339
	-------
At 31 March 2019	1,137
	-------

6. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	3,960	3,600
	-------	-------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr G F Lee	51,139	–	( 29,718)	21,421
	--------	----	--------	--------

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr G F Lee	18,756	32,383	–	51,139
	--------	--------	----	--------