Lee Partnership Limited Filleted accounts

LEE PARTNERSHIP LIMITED - Company Information

false false false false false false false false false true false false false false false true true No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2018 - FRS 32,723 475 2,292 30,906 15,049 4,248 1,146 18,151 12,755 17,674 xbrli:pure xbrli:shares iso4217:GBP 08960233 2017-04-01 2018-03-31 08960233 2018-03-31 08960233 2017-03-31 08960233 2016-04-01 2017-03-31 08960233 2017-03-31 08960233 core:PlantMachinery 2017-04-01 2018-03-31 08960233 bus:Director1 2017-04-01 2018-03-31 08960233 core:PlantMachinery 2017-03-31 08960233 core:PlantMachinery 2018-03-31 08960233 core:WithinOneYear 2018-03-31 08960233 core:WithinOneYear 2017-03-31 08960233 core:ShareCapital 2018-03-31 08960233 core:ShareCapital 2017-03-31 08960233 core:RetainedEarningsAccumulatedLosses 2018-03-31 08960233 core:RetainedEarningsAccumulatedLosses 2017-03-31 08960233 core:PlantMachinery 2017-03-31 08960233 bus:SmallEntities 2017-04-01 2018-03-31 08960233 bus:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 08960233 bus:FullAccounts 2017-04-01 2018-03-31 08960233 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 08960233 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31

COMPANY REGISTRATION NUMBER: 08960233

Lee Partnership Limited

Filleted Unaudited Financial Statements

Year Ended

31 March 2018

Lee Partnership Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed Assets

Tangible assets	5		12,755		17,674

Current Assets

Debtors	6	64,812	55,003
Cash at bank and in hand		33,206	168,088
		--------	---------
		98,018	223,091

Creditors: Amounts Falling due Within One Year	7	23,110		23,678
		--------		---------
Net Current Assets			74,908		199,413
			--------		---------
Total Assets Less Current Liabilities			87,663		217,087

Provisions

Taxation including deferred tax	2,423	3,273
	--------	---------
Net Assets	85,240	213,814
	--------	---------

Capital and Reserves

Called up share capital	200	200
Profit and loss account	85,040	213,614
	--------	---------
Shareholders Funds	85,240	213,814
	--------	---------

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 31st March 2018 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 .

Lee Partnership Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 17 December 2018 , and are signed on behalf of the board by:

Alternative user defined SOFP signatories ue.

Mr J M Lee Director

Company registration number: 08960233

Lee Partnership Limited

Notes to the Financial Statements

Year Ended 31st March 2018

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 100 Fenchurch Street, London, EC3M 5JD.

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.

Disclosure Exemptions

The financial statements have been prepared in accordance with the provision of FRS 102 Section 1A for small entities. There were no material departures from the standard.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue Recognition

Turnover represents the total value of sales made during the year, excluding Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office Equipment	-	25% straight line

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.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff Numbers

The average number of persons employed by the company during the year amounted to 3 (2017: 7 ).

5. Tangible Assets

	Plant and machinery	Total
	£	£

Cost
At 1st April 2017	32,723	32,723
Additions	475	475
Disposals	( 2,292)	( 2,292)
	--------	--------
At 31st March 2018	30,906	30,906
	--------	--------
Depreciation
At 1st April 2017	15,049	15,049
Charge for the year	4,248	4,248
Disposals	( 1,146)	( 1,146)
	--------	--------
At 31st March 2018	18,151	18,151
	--------	--------
Carrying amount
At 31st March 2018	12,755	12,755
	--------	--------
At 31st March 2017	17,674	17,674
	--------	--------

6. Debtors

	2018	2017
	£	£

Trade debtors	53,304	10,157
Other debtors	11,508	44,846
	--------	--------
	64,812	55,003
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	4,549	5,391
Social security and other taxes	13,482	10,331
Other creditors	5,079	7,956
	--------	--------
	23,110	23,678
	--------	--------