Leverman Limited
Leverman Limited
Registered number: 03314188
Unaudited Financial Statements
For The Year Ended
31 December 2022
Leverman Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
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Balance Sheet | 1 |
Notes to the Financial Statements | 2—3 |
Page 1
Leverman Limited
Balance Sheet
As at
31 December 2022
Balance Sheet
Registered number:
03314188
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 4 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 5 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 79,328 | 79,376 | |||
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 2 to 3 form part of these financial statements.
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Page 2
Leverman Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
Leverman Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03314188
. The registered office is 16-18 Upton Road, Claughton Village, Wirral, CH41 0DF.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3.
Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or
receivable within on year, typically trade debtors and creditors, are measured, initially and subsequently, at
the indiscounted amount of the cash or other consideration expected to be paid or received. However, if the
the arrangements of a short-term instrument consittute a financial transaction, like the payment of a trade debt
deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case
of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the
present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and
subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found , an impairment loss
is recognised in the Statement of comprehensive income.
2.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2021: 2)
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Leverman Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
4.
Creditors: Amounts Falling Due Within One Year
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Corporation tax |
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Amounts owed to group undertakings |
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured ititially at fair value, net of transaction costs and measured subsequently at amortised cost using the effective interest method.
5.
Share Capital
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Allotted, Called up and fully paid |
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6.
Related Party Transactions
As a subsidiary of the ultimate parent company Keylex Limted, the company has taken advantage of the exemption in FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.
7.
Controlling Party
The company's controlling party is Keylex Limited by virtue of his ownership of 98% of the issued share capital in the company.
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