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Registration number: 03929784

Leed Property Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Leed Property Management Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Leed Property Management Limited

Company Information

Directors

Mr David Andrew Lee

Mrs Diane Mary Lee

Company secretary

Mr David Andrew Lee

Registered office

13 Victoria Road
Wimborne
Dorset
BH21 1EN

Bankers

Santander UK plc
2 Triton Square
Regent's Place
London
NW1 3AN

Accountants

Avencia Tax and Accountancy Ltd
Chartered Tax Advisers
13a Mill Lane
40 East Street
Wimborne
Dorset
BH21 1LN

 

Leed Property Management Limited

Directors' Report and responsibilities for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Incorporation

The company was incorporated on 21 February 2000.

Directors of the company

The directors who held office during the year were as follows:

Mr David Andrew Lee - Company secretary and director

Mrs Diane Mary Lee

Principal activity

The principal activity of the company is letting of real estate.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 1 September 2022 and signed on its behalf by:
 

.........................................
Mr David Andrew Lee
Company secretary and director

.........................................
Mrs Diane Mary Lee
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Leed Property Management Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Leed Property Management Limited for the year ended 31 December 2021 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Taxation (CIOT), we are subject to its ethical and other professional requirements which are detailed at https://www.tax.org.uk/professional-
standards/professional-rules/professional-rules-and-practice-guidelines.

This report is made solely to the Board of Directors of Leed Property Management Limited, as a body, in accordance with the terms of our engagement letter dated 21 December 2018. Our work has been undertaken solely to prepare for your approval the accounts of Leed Property Management Limited and state those matters that we have agreed to state to the Board of Directors of Leed Property Management Limited, as a body, in this report in accordance with CIOT. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leed Property Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Leed Property Management Limited 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 Leed Property Management Limited. You consider that Leed Property Management Limited 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 Leed Property Management Limited. 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.

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

Avencia Tax and Accountancy Ltd
Chartered Tax Advisers
13a Mill Lane
40 East Street
Wimborne
Dorset
BH21 1LN

1 September 2022

 

Leed Property Management Limited

(Registration number: 03929784)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,191,500

1,257,239

Current assets

 

Debtors

5

635

1,309

Cash at bank and in hand

 

18,698

17,625

 

19,333

18,934

Creditors: Amounts falling due within one year

6

(21,373)

(25,930)

Net current liabilities

 

(2,040)

(6,996)

Total assets less current liabilities

 

1,189,460

1,250,243

Creditors: Amounts falling due after more than one year

6

(524,180)

(534,180)

Provisions for liabilities

(26,767)

(39,257)

Net assets

 

638,513

676,806

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

374,141

426,791

Retained earnings

264,272

249,915

Shareholders' funds

 

638,513

676,806

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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 Board on 1 September 2022 and signed on its behalf by:

.........................................
Mr David Andrew Lee
Company secretary and director

.........................................
Mrs Diane Mary Lee
Director

 
     
 

Leed Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
13 Victoria Road
Wimborne
Dorset
BH21 1EN

These financial statements were authorised for issue by the Board on 1 September 2022.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

Leed Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% reducing balance method

Plant and machinery

25% reducing balance method

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.

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.

 

Leed Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Leed Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

1,255,000

1,595

19,751

1,276,346

Revaluations

(65,000)

-

-

(65,000)

At 31 December 2021

1,190,000

1,595

19,751

1,211,346

Depreciation

At 1 January 2021

-

399

18,708

19,107

Charge for the year

-

395

344

739

At 31 December 2021

-

794

19,052

19,846

Carrying amount

At 31 December 2021

1,190,000

801

699

1,191,500

At 31 December 2020

1,255,000

1,196

1,043

1,257,239

Included within the net book value of land and buildings above is £1,190,000 (2020 - £1,255,000) in respect of freehold land and buildings.
 

5

Debtors

Current

2021
£

2020
£

Prepayments

635

1,309

 

Leed Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans, overdrafts and other borrowings

8

15,474

20,277

Taxation and social security

 

742

739

Accruals and deferred income

 

804

815

Other creditors

 

4,353

4,099

 

21,373

25,930

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

524,180

534,180

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

 

100

100

100

100

 

Leed Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Other borrowings

524,180

534,180

2021
£

2020
£

Current loans and borrowings

Other borrowings

15,474

20,277