Leedstone Ltd - Period Ending 2016-02-29

Registration number: 3318758

Leedstone Ltd

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

Leedstone Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Leedstone Ltd
for the Year Ended 29 February 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Leedstone Ltd for the year ended 29 February 2016 set out on pages 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Leedstone Ltd, as a body, in accordance with the terms of our engagement letterdated 10 August 2006. Our work has been undertaken solely to prepare for your approval the accounts of Leedstone Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leedstone Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Leedstone Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Leedstone Ltd. You consider that Leedstone Ltd 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 accounts of Leedstone 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 accounts.

......................................

A-spire Business Partners Ltd
Chartered Accountants
32 Byron Hill Road
Harrow on the Hill
Middlesex
HA2 0HY

30 November 2016

Page 1

Leedstone Ltd
(Registration number: 3318758)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					742,351			1,330,193
Current assets
Debtors					183,234			179,979
Cash at bank and in hand					27,474			16,581
					210,708			196,560
Creditors: Amounts falling due within one year					(135,380)			(728,140)
Net current assets/(liabilities)					75,328			(531,580)
Total assets less current liabilities					817,679			798,613
Creditors: Amounts falling due after more than one year					(208,175)			(212,125)
Provisions for liabilities					(1,702)			(2,212)
Net assets					607,802			584,276
Capital and reserves
Called up share capital		4			1,000			1,000
Revaluation reserve					215,198			285,646
Profit and loss account					391,604			297,630
Shareholders' funds					607,802			584,276

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Leedstone Ltd
(Registration number: 3318758)
Abbreviated Balance Sheet at 29 February 2016
......... continued

For the year ending 29 February 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 November 2016 and signed on its behalf by:

.........................................
Mr Alan Green
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Leedstone Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill costs are amortised fully in the year of expenditure

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Motor vehicles	25% reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 4

Leedstone Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 5

Leedstone Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2015		1,359,167			1,359,167
Additions		2,393			2,393
Disposals		(585,000)			(585,000)
At 29 February 2016		776,560			776,560
Depreciation
At 1 March 2015		28,974			28,974
Charge for the year		5,235			5,235
At 29 February 2016		34,209			34,209
Net book value
At 29 February 2016		742,351			742,351
At 28 February 2015		1,330,193			1,330,193

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		3,621			574,210
Amounts falling due after more than one year		208,175			212,125
Total secured creditors		211,796			786,335

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Equity of £1 each		100			100			100			100

Page 6