LEFA Enterprises Limited Filleted accounts for Companies House (small and micro)

LEFA ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02652973

LEFA ENTERPRISES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2022

LEFA ENTERPRISES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 9

LEFA ENTERPRISES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6	6,853,123	4,134,658
Fixed Asset Investments	7	1,126,211	954,232
		------------	------------
		7,979,334	5,088,890

Current assets

Stocks		762,850	759,350
Debtors	8	8,400,805	8,044,965
Investments	9	461,380	1,043,278
Cash at bank and in hand		1,228,173	3,971,997
		-------------	-------------
		10,853,208	13,819,590

Creditors: amounts falling due within one year	10	419,247		202,986
		-------------		-------------
Net current assets			10,433,961	13,616,604
			-------------	-------------
Total assets less current liabilities			18,413,295	18,705,494

Provisions

Taxation including deferred tax	83,599	1,073
	-------------	-------------
Net assets	18,329,696	18,704,421
	-------------	-------------

Capital and reserves

Called up share capital	12	1,755,000	1,755,000
Share premium account	13	287,500	287,500
Capital redemption reserve	13	400,000	400,000
Profit and loss account	13	15,887,196	16,261,921
		-------------	-------------
Shareholders funds		18,329,696	18,704,421
		-------------	-------------

These 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 statement of comprehensive income has not been delivered.

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.

Directors' responsibilities:

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

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

LEFA ENTERPRISES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 22 September 2023 , and are signed on behalf of the board by:

Mr W M B O'Doherty
Director

Company registration number: 02652973

LEFA ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY. The company's principal activities are Property Development, Management and Investment.

2. Statement of compliance

These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Revenue recognition

Revenue refers to the revenue earned from the Company's principal activities; Property Development, Management and Investment. The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised directly in equity. In this case, tax is recognised directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	10% & 20% Straight line
Fixtures and fittings	-	10% & 33% Straight line
Motor vehicles	-	20% straight line

Investment property

The investment property in the accounts has been revalued to its fair value using the directors professional judgement. The fair value of the investment property is reviewed for impairments at each reporting date.

Investments in group undertakings, joint ventures and associates

Investments in group undertakings, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in group undertakings, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in the statement of comprehensive income. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Debtors

Debtors are initially recorded at fair value and are assessed for impairment at each year end. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.

Creditors

Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2021: 7 ).

5. Tax on loss

Major components of tax expense/(income)

	2022	2021
	£	£

Deferred tax:

Origination and reversal of timing differences	82,526	( 1,152)
	--------	-------
Tax on loss	82,526	( 1,152)
	--------	-------

Reconciliation of tax expense/(income)

The tax assessed on the loss on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Loss on ordinary activities before taxation	( 404,635)	( 412,553)
	---------	---------
Loss on ordinary activities by rate of tax	( 76,985)	( 126,855)
Effect of expenses not deductible for tax purposes	25,089	18,588
Effect of capital allowances and depreciation	( 4,603)	678
Utilisation of tax losses	56,499	53,505
Effect of chargeable gains calculated on disposal of assets	–	54,084
Effect of deferred tax movements in the year	82,526	(1,152)
	---------	---------
Tax on loss	82,526	( 1,152)
	---------	---------

6. Tangible assets

	Property, plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 January 2022	4,087,897	117,698	24,735	4,230,330
Additions	2,413,904	1,349	36,035	2,451,288
Disposals	( 15,000)	–	( 24,735)	( 39,735)
Revaluations	323,036	–	–	323,036
	------------	---------	--------	------------
At 31 December 2022	6,809,837	119,047	36,035	6,964,919
	------------	---------	--------	------------
Depreciation
At 1 January 2022	29,970	54,569	11,133	95,672
Charge for the year	3,327	16,722	7,208	27,257
Disposals	–	–	( 11,133)	( 11,133)
	------------	---------	--------	------------
At 31 December 2022	33,297	71,291	7,208	111,796
	------------	---------	--------	------------
Carrying amount
At 31 December 2022	6,776,540	47,756	28,827	6,853,123
	------------	---------	--------	------------
At 31 December 2021	4,057,927	63,129	13,602	4,134,658
	------------	---------	--------	------------

The historical cost attributable to the total carrying value of the Investment Property is £1,940,082.

The Board has used its technical expertise to assess the Fair Value of the company's property and this has reflected in a Fair Value Adjustment in these Financial Statements of £323,036.

7. Fixed asset investments

	Shares in group undertakings	Shares in participating interests	Total
	£	£	£
Cost
At 1 January 2022	5,000	1,003,576	1,008,576
Additions	–	171,979	171,979
	-------	------------	------------
At 31 December 2022	5,000	1,175,555	1,180,555
	-------	------------	------------
Impairment
At 1 January 2022 and 31 December 2022	–	54,344	54,344
	-------	------------	------------

Carrying amount
At 31 December 2022	5,000	1,121,211	1,126,211
	-------	------------	------------
At 31 December 2021	5,000	949,232	954,232
	-------	------------	------------

Subsidiaries, associates and other investments

Class of Share Percentage of

shares held

Subsidiary undertakings

Lefa Residential Ltd Ordinary 100

Gosling Street Ltd Ordinary 100

61 Sea Road Ltd Ordinary 100

Lefa Investment Ltd Ordinary 100

Lefa Hillborough Ltd Ordinary 100

Other significant holdings

Schrader Ltd Ordinary 25

Personalise Products Limited Ordinary 60

Infigo Software Limited Ordinary B 13

Odelay Films Ltd Ordinary B 20

FaultFixers Technologies Ltd Ordinary 3

Hozah Ltd Ordinary 2

Ehabitation Ltd Ordinary A 9

Poplar Technologies Ordinary 1

8. Debtors

	2022	2021
	£	£
Trade debtors	10,366	42,871
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7,736,845	7,360,584
Other debtors	653,594	641,510
	------------	------------
	8,400,805	8,044,965
	------------	------------

9. Investments

	2022	2021
	£	£
Other investments	461,380	1,043,278
	---------	------------

10. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	3,666	5,721
Social security and other taxes	24,088	11,876
Other creditors	391,493	185,389
	---------	---------
	419,247	202,986
	---------	---------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions	83,599	1,073
	--------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	78,200	( 4,326)
Deferred tax - effect of chargeable gain held over	5,399	5,399
	--------	-------
	83,599	1,073
	--------	-------

12. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	1,755,000	1,755,000	1,755,000	1,755,000
	------------	------------	------------	------------

13. Reserves

The Profit and loss account includes a non distributable amount of £63,347 in relation to profits which are yet to be realised by the company as well as an undistributable amount of £323,036 relating to the revaluation of the properties .

14. Pensions

The company operates a defined contribution pension scheme for the benefit of a director and employee. The assets of the schemes are administered by the trustees in funds independent from those of the company.

The total contributions paid in the year amounted to £27,417 (2021: £25,836.)