Lee Ind Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10026744 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2022

for

Lee Ind Limited

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Investments

5

1,105

1,105

Investment property

6

575,000

730,921

576,105

732,026

CURRENT ASSETS

Cash at bank

118,011

39,367

CREDITORS

Amounts falling due within one year

4,454

57,644

NET CURRENT ASSETS/(LIABILITIES)

113,557

(18,277

)

TOTAL ASSETS LESS CURRENT LIABILITIES

689,662

713,749

CAPITAL AND RESERVES

Called up share capital

1,105

1,105

Other reserves

212,977

57,056

Retained earnings

475,580

655,588

SHAREHOLDERS' FUNDS

689,662

713,749

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 28th September 2023 and were signed by:

Mr M B Lee - Director

1.	STATUTORY INFORMATION

Lee Ind Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

10026744

Registered office:

Unit 70 Riverside 3

Sir Thomas Longley Road

Medway City Estate

Rochester

Kent

ME2 4DP

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

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 as modified by the revaluation of certain assets.

Revenue recognition

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

Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established.

Dividend income is recognised when the right to receive payment is established.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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 and investments in 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 one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director.

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 profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1st January 2022

and 31st December 2022

1,105

NET BOOK VALUE

At 31st December 2022

1,105

At 31st December 2021

1,105

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2022

730,921

Revaluations

(155,921

)

At 31st December 2022

575,000

NET BOOK VALUE

At 31st December 2022

575,000

At 31st December 2021

730,921

Fair value at 31st December 2022 is represented by:

£

Valuation in 2020

57,056

Valuation in 2022

(155,921

)

Cost

673,865

575,000

Investment property was valued by the director using readily available market comparables for property of a similar nature and location to the property held in the company's investment portfolio.