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COMPANY REGISTRATION NUMBER: 03653121
Lee Construction Limited
Filleted Unaudited Financial Statements
31 March 2023
Lee Construction Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Lee Construction Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
7,371
6,700
Current assets
Stocks
52,861
Debtors
6
141,599
96,092
Cash at bank and in hand
216,777
179,299
---------
---------
358,376
328,252
Creditors: amounts falling due within one year
7
61,673
35,536
---------
---------
Net current assets
296,703
292,716
---------
---------
Total assets less current liabilities
304,074
299,416
Creditors: amounts falling due after more than one year
8
41,342
---------
---------
Net assets
304,074
258,074
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
304,072
258,072
---------
---------
Shareholders funds
304,074
258,074
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lee Construction Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Mr L Higgins
Director
Company registration number: 03653121
Lee Construction Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Boundary Cottage, The Lees, Boughton Lees, Ashford, Kent, TN25 4JB.
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.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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.
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.
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:
Motor Vehicles
-
25% reducing balance
Equipment
-
30% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2022
20,084
23,499
43,583
Additions
4,935
4,935
--------
--------
--------
At 31 March 2023
20,084
28,434
48,518
--------
--------
--------
Depreciation
At 1 April 2022
18,406
18,477
36,883
Charge for the year
419
3,845
4,264
--------
--------
--------
At 31 March 2023
18,825
22,322
41,147
--------
--------
--------
Carrying amount
At 31 March 2023
1,259
6,112
7,371
--------
--------
--------
At 31 March 2022
1,678
5,022
6,700
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
18,767
8,387
Other debtors
122,832
87,705
---------
--------
141,599
96,092
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
223
3,090
Corporation tax
26,940
2,268
Social security and other taxes
25,112
18,448
Other creditors
9,398
11,730
--------
--------
61,673
35,536
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
41,342
----
--------
9. Directors' advances, credits and guarantees
At the year end, the company owed the Directors £ (2022: £33,342).
10. Related party transactions
At the year end, the company owed the Directors £NIL (2022: £33,342).