Registered number
11144068
LEC (Nottm) Limited
Filleted Accounts
31 January 2023
LEC (Nottm) Limited
Registered number: 11144068
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 500,000 500,000
Current assets
Debtors 4 1,305 447
Cash at bank and in hand 3,608 2,262
4,913 2,709
Creditors: amounts falling due within one year 5 (167,722) (102,487)
Net current liabilities (162,809) (99,778)
Total assets less current liabilities 337,191 400,222
Creditors: amounts falling due after more than one year 6 (183,593) (219,704)
Net assets 153,598 180,518
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 136,204 136,204
Profit and loss account 17,392 44,312
Shareholders' funds 153,598 180,518
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 members have 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.
S Christian
Director
Approved by the board on 8 March 2023
LEC (Nottm) Limited
Notes to the Accounts
for the year ended 31 January 2023
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 fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No depreciation
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2022 500,000
At 31 January 2023 500,000
Depreciation
At 31 January 2023 -
Net book value
At 31 January 2023 500,000
At 31 January 2022 500,000
4 Debtors 2023 2022
£ £
Other debtors 1,305 447
5 Creditors: amounts falling due within one year 2023 2022
£ £
Loans and overdrafts 36,949 34,842
Trade creditors - 1,872
Other creditors and accruals 130,773 65,773
167,722 102,487
6 Creditors: amounts falling due after one year 2023 2022
£ £
Loans 183,593 219,704
7 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings - 136,204
At 31 January 2023 136,204 136,204
8 Other information
LEC (Nottm) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Jackson & Keay
Private Road No. 7
Nottingham
NG4 2JW
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