Lee Terminals Ltd - Accounts to registrar (filleted) - small 18.2

Lee Terminals Ltd - Accounts to registrar (filleted) - small 18.2

LEE TERMINALS LTD - Company Information

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REGISTERED NUMBER: NI658721 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 28 February 2022

for

Lee Terminals Ltd
Lee Terminals Ltd (Registered number: NI658721)






Contents of the Financial Statements
for the Year Ended 28 February 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Lee Terminals Ltd

Company Information
for the Year Ended 28 February 2022







DIRECTOR: P Lee





REGISTERED OFFICE: Unit 9 Howard Buildings
155 Northumberland Street
Belfast
Co. Antrim
BT13 2JF





REGISTERED NUMBER: NI658721 (Northern Ireland)





ACCOUNTANTS: Toman Accountancy Services Ltd
Unit HF 9, Twin Spires Complex
Howard Buildings
155 Northumberland Street
Belfast
Antrim
BT13 2JF
Page 1
Lee Terminals Ltd (Registered number: NI658721)

Statement of Financial Position
28 February 2022

28.2.22 28.2.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,540 1,406

CURRENT ASSETS
Debtors 5 40,000 10,000
Cash at bank 43,684 66,439
83,684 76,439
CREDITORS
Amounts falling due within one year 6 60,354 55,196
NET CURRENT ASSETS 23,330 21,243
TOTAL ASSETS LESS CURRENT
LIABILITIES
24,870
22,649

PROVISIONS FOR LIABILITIES 292 -
NET ASSETS 24,578 22,649

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 24,478 22,549
SHAREHOLDERS' FUNDS 24,578 22,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 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 authorised for issue by the director and authorised for issue on 23 February 2023 and were signed by:



P Lee - Director


The notes form part of these financial statements

Page 2
Lee Terminals Ltd (Registered number: NI658721)

Notes to the Financial Statements
for the Year Ended 28 February 2022

1. STATUTORY INFORMATION

Lee Terminals Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Significant judgements and estimates
In preparing these financial statements the director has made the following judgements:

Consider the recoverability of trade debtors and work in progress and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Financial instruments
All financial statements of the company are considered to meet the definition of basic financial instruments.

-Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

-Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand

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 statement of financial position date.


Page 3 continued...
Lee Terminals Ltd (Registered number: NI658721)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the un-discounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 March 2021 1,687
Additions 600
At 28 February 2022 2,287
DEPRECIATION
At 1 March 2021 281
Charge for year 466
At 28 February 2022 747
NET BOOK VALUE
At 28 February 2022 1,540
At 28 February 2021 1,406

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Other debtors 40,000 10,000

Page 4 continued...
Lee Terminals Ltd (Registered number: NI658721)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Taxation and social security 21,248 26,193
Other creditors 39,106 29,003
60,354 55,196

7. ULTIMATE CONTROLLING PARTY

The controlling party is P Lee.

The company continues to be controlled by Mr P Lee by way of their shareholding.

8. SUBSEQUENT EVENTS

Subsequent to the year end, COVID-19 has caused significant disruption to the economic activity of many business's and their activities, this disruption has been worldwide.

The company has set robust cost containment measures to enable the business to continue to operate.

Page 5