Lear Developments Holdings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09346568 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEAR DEVELOPMENTS HOLDINGS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs K K Lear

Mr S J P Lear

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

09346568 (England and Wales)

ACCOUNTANTS:

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lear Developments Holdings Limited for the year ended 31 December 2023 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lear Developments Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lear Developments Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Lear Developments Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lear Developments Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lear Developments Holdings Limited 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 loss of Lear Developments Holdings Limited. You consider that Lear Developments Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lear Developments Holdings Limited. 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.

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

12 April 2024

FIXED ASSETS

Investments

4

101

101

Investment property

5

1,800,000

1,800,000

1,800,101

1,800,101

CURRENT ASSETS

Debtors

6

16,043

132,596

Cash at bank

5,228

4,137

21,271

136,733

CREDITORS

Amounts falling due within one year

7

7,486

95,144

NET CURRENT ASSETS

13,785

41,589

TOTAL ASSETS LESS CURRENT LIABILITIES

1,813,886

1,841,690

CREDITORS

Amounts falling due after more than one year

8

(1,461,900

)

(1,462,280

)

PROVISIONS FOR LIABILITIES

(94,380

)

(94,380

)

NET ASSETS

257,606

285,030

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10

257,506

284,930

SHAREHOLDERS' FUNDS

257,606

285,030

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by:

Mrs K K Lear - Director

1.	STATUTORY INFORMATION

Lear Developments Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income receivable. Turnover is recognised when the company has a right to consideration.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Deferred tax

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2023

and 31 December 2023

101

NET BOOK VALUE

At 31 December 2023

101

At 31 December 2022

101

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2023

and 31 December 2023

1,800,000

NET BOOK VALUE

At 31 December 2023

1,800,000

At 31 December 2022

1,800,000

Fair value at 31 December 2023 is represented by:

£

Valuation in 2015

901,045

Valuation in 2017

(100,000

)

Valuation in 2018

(200,000

)

Valuation in 2019

1,198,955

1,800,000

In the opinion of the directors the fair value of the investment properties as at 31 December 2023 is not significantly different to that stated above.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by connected companies

15,112

128,829

Prepayments

931

3,767

16,043

132,596

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Directors' current accounts

5,535

80,128

Accruals and deferred income

1,951

15,016

7,486

95,144

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,461,900

1,462,280

2023

2022

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

1,461,900

1,462,280

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

1,461,900

1,462,280

The bank loan is secured by a fixed charge over the investment property. The loan is repayable in 20 years from the year end and subject to interest rate of 2.99% per annum.

10.

RESERVES

Retained

earnings

£

At 1 January 2023

284,930

Deficit for the year

(27,424

)

At 31 December 2023

257,506

Retained earnings includes undistributable profit and loss reserve of £506,665 (2022: £506,665) relating to revaluation of investment property.

11.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £5,535 (2022: £80,128) to the director.

At the balance sheet date, the company was owed £15,112 (2022: £128,829) by SANA (Reedham) Limited, its wholly owned subsidiary. The amount due is interest free and repayable on demand.