Registered number
13051181
Lettuce Invest Limited
Unaudited Filleted Accounts
30 November 2021
Lettuce Invest Limited
Registered number: 13051181
Balance Sheet
as at 30 November 2021
Notes 2021
£
Fixed assets
Tangible assets 3 490,881
Current assets
Debtors 4 283
Creditors: amounts falling due within one year 5 (2,000)
Net current liabilities (1,717)
Total assets less current liabilities 489,164
Creditors: amounts falling due after more than one year 6 (489,148)
Net assets 16
Capital and reserves
Called up share capital 1
Profit and loss account 15
Shareholder's funds 16
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Chi Sing Ho
Director
Approved by the board on 18 August 2022
Lettuce Invest Limited
Notes to the Accounts
for the period from 30 November 2020 to 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible assets are initially recorded at cost, and are 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 revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit and 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit and loss.
Depreciation is calculated so as to write off the cost or valuation of an asset, less any residual value, over the useful economic life of that asset as follow:
Freehold property (investment properties) - Periodic assessment of fair value by the company directors.
Fixtures, fittings, tools and equipment 25% on written down value
If there is an indication that there has been a significant change in the depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2021
Number
Average number of persons employed by the company 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
Additions 489,435 1,928 491,363
At 30 November 2021 489,435 1,928 491,363
Depreciation
Charge for the period - 482 482
At 30 November 2021 - 482 482
Net book value
At 30 November 2021 489,435 1,446 490,881
4 Debtors 2021
£
Other debtors 283
5 Creditors: amounts falling due within one year 2021
£
Other creditors 2,000
6 Creditors: amounts falling due after one year 2021
£
Other creditors 489,148
7 Other information
Lettuce Invest Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16 Eastway Business Village
Olivers Place, Fulwood
Preston
Lancs
PR2 9WT
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