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Registered number: 06414702
Lenleys Canterbury Ltd
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 30 April 2023
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Lenleys Canterbury Ltd
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Lenleys Canterbury Ltd for the Year Ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lenleys Canterbury Ltd for the year ended 30 April 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Lenleys Canterbury Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lenleys Canterbury Ltd and state those matters that we have agreed to state to the Board of directors of Lenleys Canterbury Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lenleys Canterbury Ltd and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Lenleys Canterbury Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lenleys Canterbury Ltd. You consider that Lenleys Canterbury Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Lenleys Canterbury Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Canterbury
1 November 2023
Page 1
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Lenleys Canterbury Ltd
Registered number: 06414702
Balance sheet
As at 30 April 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 comprehensive income 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 by:
Page 2
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Lenleys Canterbury Ltd
Notes to the financial statements
For the Year Ended 30 April 2023
Lenleys Canterbury Ltd is a private company limited by shares which was incorporated in England and Wales.
The company’s registered office is 25-34 Roper Road, Canterbury, Kent, CT2 7EL.
The financial statements are presented in pound sterling and rounded to the nearest pound.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
As highlighted in 2.3 below, the company's turnover represents its share of trading profits from
Messrs Lenleys. The current economic environment and volatility arising from the Coronavirus pandemic and events in Ukraine are challenging and these conditions will continue to create uncertainty over the profit share that will be achieved in the forthcoming periods.
The company meets its day to day working capital requirements through a directors' loan account.
The directors have no intention of withdrawing this facility in the foreseeable future, and as such the
directors have a reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future. Accordingly they continue to adopt the going
concern basis in preparing the financial statements.
Turnover represents the company's share of trading profits from Messrs Lenleys.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 3
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Lenleys Canterbury Ltd
Notes to the financial statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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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.
The Company only enters into basic financial instruments 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 non-puttable ordinary shares.
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.
Page 4
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Lenleys Canterbury Ltd
Notes to the financial statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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A professional valuation of the property was carried out by Strutt & Parker LLP in June 2011. The market value at this time was £3,950,000. The directors are not aware of any material change in value. Therefore, the valuation has not been updated.
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Page 5
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Lenleys Canterbury Ltd
Notes to the financial statements
For the Year Ended 30 April 2023
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Investments in subsidiary companies
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Other fixed asset investments
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The following was a subsidiary undertaking of the Company:
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25-34 Roper Road, Canterbury
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The aggregate of the share capital and reserves as at 30 April 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
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Creditors: Amounts falling due within one year
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Amounts owed to other participating interests
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Page 6
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Lenleys Canterbury Ltd
Notes to the financial statements
For the Year Ended 30 April 2023
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £1.00 each
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The company has provided a guarantee, secured by a debenture and a charge over the beneficial interest held in the freehold property in favour of Shawbrook Bank Limited to support the borrowings of the directors, J L Watts and J Greenfield, to facilitate the acquisition of G & R Clarke Limited.
At 30 April 2022, the total exposure amounted to £806,103.
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Transactions with directors
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The company is a partner in the retail furniture business Lenleys.
The company's share of the profit from Lenleys in the year to 30 April 2023 was £203,621 (2022: £225,027).
The company has a loan from directors of the company. The amount outstanding at the end of the year was £2,225,288 (2022: £2,385,028). No interest is payable on this loan and the maximum outstanding during the year was £2,385,028 (2021: £2,385,028).
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Post balance sheet events
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After the balance sheet date there has been continued volatility and uncertainty arising from the Coronavirus pandemic and events in Ukraine which may impact on the value of the company's assets and trading. The company has no dealings either with Ukraine or any nation currently experiencing sanctions because of the events in Ukraine. The directors have taken all reasonable steps to mitigate the impact and have a reasonable expectation that the company will continue trading for the foreseeable future.
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