Leo Duran Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07542044 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2021

for

LEO DURAN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

L Duran Garcia

REGISTERED OFFICE:

Telecom House

125-135 Preston Road

Brighton

East Sussex

BN1 6AF

REGISTERED NUMBER:

07542044 (England and Wales)

ACCOUNTANTS:

McPhersons Walpole Harding

Chartered Certified Accountants

Telecom House

125-135 Preston Road

Brighton

East Sussex

BN1 6AF

FIXED ASSETS

Intangible assets

5

273,575

308,875

Tangible assets

6

70,733

68,586

344,308

377,461

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

7

2,732

1,840

Cash at bank and in hand

187,963

52,430

191,695

55,270

CREDITORS

Amounts falling due within one year

8

(90,699

)

(54,584

)

NET CURRENT ASSETS

100,996

686

TOTAL ASSETS LESS CURRENT LIABILITIES

445,304

378,147

CREDITORS

Amounts falling due after more than one year

9

(392,438

)

(372,130

)

NET ASSETS

52,866

6,017

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

52,865

6,016

SHAREHOLDERS' FUNDS

52,866

6,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 26 November 2021 and were signed by:

L Duran Garcia - Director

1.	STATUTORY INFORMATION

Leo Duran 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 9 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 March 2020

and 28 February 2021

352,996

4

353,000

AMORTISATION

At 1 March 2020

44,125

-

44,125

Charge for year

35,300

-

35,300

At 28 February 2021

79,425

-

79,425

NET BOOK VALUE

At 28 February 2021

273,571

4

273,575

At 29 February 2020

308,871

4

308,875

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2020

81,272

Additions

14,284

At 28 February 2021

95,556

DEPRECIATION

At 1 March 2020

12,686

Charge for year

12,137

At 28 February 2021

24,823

NET BOOK VALUE

At 28 February 2021

70,733

At 29 February 2020

68,586

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2020

and 28 February 2021

40,383

DEPRECIATION

At 1 March 2020

1,216

Charge for year

5,876

At 28 February 2021

7,092

NET BOOK VALUE

At 28 February 2021

33,291

At 29 February 2020

39,167

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Other debtors

2,732

1,840

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans and overdrafts

28,538

20,647

Hire purchase contracts

8,918

2,981

Trade creditors

16,841

10,880

Taxation and social security

32,989

16,954

Other creditors

3,413

3,122

90,699

54,584

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans

368,433

336,518

Hire purchase contracts

24,005

35,612

392,438

372,130

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L Duran Garcia.