Leehaunt Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 01628917

Leehaunt Limited

Filleted Unaudited Financial Statements

31 December 2017

Leehaunt Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		330,000	330,000

Current assets

Debtors	5	29,710	30,664
Cash at bank and in hand		1	452
		--------	--------
		29,711	31,116

Creditors: amounts falling due within one year	6	28,462		27,566
		--------		--------
Net current assets			1,249	3,550
			---------	---------
Total assets less current liabilities			331,249	333,550

Creditors: amounts falling due after more than one year	7		98,913	109,641

Provisions

Taxation including deferred tax	30,020	34,707
	---------	---------
Net assets	202,316	189,202
	---------	---------

Capital and reserves

Called up share capital	99	99
Profit and loss account	202,217	189,103
	---------	---------
Shareholders funds	202,316	189,202
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Leehaunt Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 24 September 2018 , and are signed on behalf of the board by:

K.B. Johnson
Director

Company registration number: 01628917

Leehaunt Limited

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynsdale, Tinkers Lane, Brewood, Staffordshire, ST19 9DD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the rental income received or receivable and represents amounts receivable from tenants for occupation of the company's investment properties.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 January 2017 and 31 December 2017	330,000
	---------
Depreciation
At 1 January 2017 and 31 December 2017	–
	---------
Carrying amount
At 31 December 2017	330,000
	---------
At 31 December 2016	330,000
	---------

Tangible assets held at valuation

During June 2016, as part of a refinancing package, the company's freehold rental properties were revalued. The premises were valued on an open market basis with existing tenants at a value of £240,000. In the opinion of the director the market value of these premises has not changed significantly since that date.

5. Debtors

	2017	2016
	£	£
Other debtors	29,710	30,664
	--------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	10,790	10,295
Corporation tax	5,197	3,189
Other creditors	12,475	14,082
	--------	--------
	28,462	27,566
	--------	--------

The company has a loan with Lloyds Bank plc which has been secured by a charge over the company's freehold investment properties.

7. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	98,913	109,641
	--------	---------

Details of the security for the bank loan are shown in note 5.

8. Financial instruments at fair value

Financial instruments such as trade debtors, cash and trade creditors arise directly from the companys's operations.

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
K.B. Johnson	( 3,899)	2,627	( 1,272)
	-------	-------	-------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
K.B. Johnson	( 1,488)	( 2,411)	( 3,899)
	-------	-------	-------

10. Related party transactions

The company was under the control of K.B. Johnson throughout the current and previous year. K.B. Johnson is sole director and shareholder. Throughout the year there was a loan due to the company from K&P Properties Limited, a company in which the director has a financial interest, amounting to £ 29,277 (2016 - £30,664). The loan is interest free and repayable on demand. During the prior year the company acquired a freehold investment property from K&P Properties Limited for £90,000 based on valuations supplied by the bank in connection with funding supplied to facilitate the purchase.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

Reconciliation of equity

	1 October 2015			31 December 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	200,000	–	200,000	330,000	–	330,000
Current assets	68,128	–	68,128	31,116	–	31,116
Creditors: amounts falling due within one year	( 19,633)	–	( 19,633)	( 27,566)	–	( 27,566)
	---------	----	---------	---------	----	---------
Net current assets	48,495	–	48,495	3,550	–	3,550
	---------	----	---------	---------	----	---------
Total assets less current liabilities	248,495	–	248,495	333,550	–	333,550

Creditors: amounts falling due after more than one year	( 66,064)	–	( 66,064)	( 109,641)	–	( 109,641)
Provisions	–	( 27,664)	( 27,664)	–	( 34,707)	( 34,707)
	---------	--------	---------	---------	--------	---------
Net assets	182,431	( 27,664)	154,767	223,909	( 34,707)	189,202
	---------	--------	---------	---------	--------	---------

	---------	--------	---------	---------	--------	---------
Capital and reserves	182,431	( 27,664)	154,767	223,909	( 34,707)	189,202
	---------	--------	---------	---------	--------	---------

In respect of FRS102 the company has been required to recognise the previous revaluations of investment properties as fair value gains through the profit and loss account and to make provision in the financial statements for the deferred tax liabilities associated with the previously revalued amounts. The net effects of these adjustments are shown in the tables above.