Leedstone Ltd - Period Ending 2017-02-28
Leedstone Ltd - Period Ending 2017-02-28
Registration number:
Leedstone Ltd
for the Year Ended 28 February 2017
Chartered Accountants
32 Byron Hill Road
Harrow on the Hill
Middlesex
HA2 0HY
Leedstone Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Leedstone Ltd
Company Information
Directors |
Mr Alan Green Mr Michael James Green Mrs Lindy Christine Okander |
Company secretary |
Mrs Lindy Christine Okander |
Registered office |
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Accountants |
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Page 1 |
Leedstone Ltd
(Registration number: 3318758)
Balance Sheet as at 28 February 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Leedstone Ltd
(Registration number: 3318758)
Balance Sheet as at 28 February 2017
For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr Alan Green
Director
Page 3 |
Leedstone Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Leedstone Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
Leedstone Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 6 |
Leedstone Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 March 2016 |
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Disposals |
- |
( |
( |
At 28 February 2017 |
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Depreciation |
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At 1 March 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 29 February 2016 |
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Investment properties |
2017 |
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At 1 March |
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Additions |
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Disposals |
( |
At 28 February |
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There has been no valuation of investment property by an independent valuer.
Debtors |
Page 7 |
Leedstone Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
2017 |
2016 |
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Trade debtors |
|
- |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
|||
Bank loans and overdrafts |
- |
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Trade creditors |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £0 (2016 - £3,621).
Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
- |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £0 (2016 - £208,175).
Page 8 |
Leedstone Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
1 |
- |
- |
|
|
1 |
- |
- |
|
|
|
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
- |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Transition to FRS 102 |
Balance Sheet at 1 March 2015
Page 9 |
Leedstone Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
12,667 |
- |
- |
12,667 |
Investment property |
1,317,526 |
- |
- |
1,317,526 |
1,330,193 |
- |
- |
1,330,193 |
|
Current assets |
||||
Debtors |
179,979 |
- |
- |
179,979 |
Cash at bank and in hand |
16,581 |
- |
- |
16,581 |
196,560 |
- |
- |
196,560 |
|
Creditors: Amounts falling due within one year |
(728,140) |
- |
- |
(728,140) |
Net current liabilities |
(531,580) |
- |
- |
(531,580) |
Total assets less current liabilities |
798,613 |
- |
- |
798,613 |
Creditors: Amounts falling due after more than one year |
(212,125) |
- |
- |
(212,125) |
Provisions for liabilities |
(2,212) |
- |
- |
(2,212) |
Net assets |
584,276 |
- |
- |
584,276 |
Capital and reserves |
||||
Called up share capital |
(1,000) |
- |
- |
(1,000) |
Revaluation reserve |
(285,646) |
- |
- |
(285,646) |
Other reserves |
(297,630) |
- |
- |
(297,630) |
Total equity |
(584,276) |
- |
- |
(584,276) |
Page 10 |
Leedstone Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
Balance Sheet at 29 February 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
9,825 |
- |
- |
9,825 |
Investment property |
732,526 |
- |
- |
732,526 |
742,351 |
- |
- |
742,351 |
|
Current assets |
||||
Debtors |
183,234 |
- |
- |
183,234 |
Cash at bank and in hand |
27,474 |
- |
- |
27,474 |
210,708 |
- |
- |
210,708 |
|
Creditors: Amounts falling due within one year |
(135,380) |
- |
- |
(135,380) |
Net current assets |
75,328 |
- |
- |
75,328 |
Total assets less current liabilities |
817,679 |
- |
- |
817,679 |
Creditors: Amounts falling due after more than one year |
(208,175) |
- |
- |
(208,175) |
Provisions for liabilities |
(1,702) |
- |
(43,040) |
(44,742) |
Net assets/(liabilities) |
607,802 |
- |
(43,040) |
564,762 |
Capital and reserves |
||||
Called up share capital |
(1,000) |
- |
- |
(1,000) |
Revaluation reserve |
(215,198) |
215,198 |
- |
- |
Profit and loss account |
(391,604) |
(172,158) |
- |
(563,762) |
Total equity |
(607,802) |
43,040 |
- |
(564,762) |
Page 11 |