ACCOUNTS - Final Accounts preparation

LEE FAMILY PROPERTIES LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30No description of principal activity2021-12-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true3false3true 12294468 2021-12-01 2022-11-30 12294468 2020-12-01 2021-11-30 12294468 2022-11-30 12294468 2021-11-30 12294468 c:Director2 2021-12-01 2022-11-30 12294468 d:CurrentFinancialInstruments 2022-11-30 12294468 d:CurrentFinancialInstruments 2021-11-30 12294468 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 12294468 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 12294468 d:ShareCapital 2022-11-30 12294468 d:ShareCapital 2021-11-30 12294468 d:RetainedEarningsAccumulatedLosses 2022-11-30 12294468 d:RetainedEarningsAccumulatedLosses 2021-11-30 12294468 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 12294468 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-11-30 12294468 c:FRS102 2021-12-01 2022-11-30 12294468 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 12294468 c:FullAccounts 2021-12-01 2022-11-30 12294468 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Registered number: 12294468

LEE FAMILY PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

LEE FAMILY PROPERTIES LIMITED

REGISTERED NUMBER: 12294468

BALANCE SHEET

AS AT 30 NOVEMBER 2022

		2022		2021
Note		£		£


Current assets
Current asset investments	4	545,259		545,259
Cash at bank and in hand	5	65		103
		545,324		545,362
Creditors: amounts falling due within one year	6	(546,879)		(546,496)
Net current liabilities			(1,555)		(1,134)
Total assets less current liabilities			(1,555)		(1,134)

Net liabilities			(1,555)		(1,134)

Capital and reserves
Called up share capital	3	3
Profit and loss account	(1,558)	(1,137)
	(1,555)	(1,134)

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LEE FAMILY PROPERTIES LIMITED

REGISTERED NUMBER: 12294468

BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 August 2023.

C. Lee

Director

The notes on pages 3 to 5 form part of these financial statements.

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LEE FAMILY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

1.	General information

The company is a private company limited by shares and was incorporated in England & Wales. The
registered office is:
Kingsridge House,
601 London Road,
Westcliff-on-Sea,
Essex,
SS0 9PE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

In view of the loss for the year of £421 and the excess of liabilities over assets at the balance sheet date of £1,555, the going concern basis is dependent upon the continued support of the company's creditors.
The company's creditors have continued to support the company and the directors are of the opinion that they will continue to do so. In light of the aforementioned, the directors consider it appropriate to adopt the going concern basis in preparing these financial statements.

2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.4

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the

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LEE FAMILY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

2.5

Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

4.	Current asset investments
		2022	2021
		£	£

Unlisted investments	545,259	545,259
	545,259	545,259

The current asset investment is made up of shares held £763 (2021 £763) and a loan of £544,496 (2021 £544,496).

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LEE FAMILY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

5.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	65	103
	65	103

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	240	240
Other creditors	546,639	546,256
	546,879	546,496

7.	Financial instruments
		2022	2021
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	65	103

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

8.	Related party transactions
	Other creditors in the amount of £545,759 (2021 £545,759) relates to a loan from a company under common control.

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