Andy and Leo Properties Ltd 13896892 false 2022-02-07 2023-02-28 2023-02-28 The principal activity of the company is the letting of investment property Digita Accounts Production Advanced 6.30.9574.0 true true 13896892 2022-02-07 2023-02-28 13896892 2023-02-28 13896892 bus:OrdinaryShareClass1 2023-02-28 13896892 bus:OrdinaryShareClass2 2023-02-28 13896892 bus:OrdinaryShareClass3 2023-02-28 13896892 core:CurrentFinancialInstruments 2023-02-28 13896892 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13896892 core:Non-currentFinancialInstruments 2023-02-28 13896892 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 13896892 core:MoreThanFiveYears 2 2023-02-28 13896892 bus:SmallEntities 2022-02-07 2023-02-28 13896892 bus:AuditExemptWithAccountantsReport 2022-02-07 2023-02-28 13896892 bus:FullAccounts 2022-02-07 2023-02-28 13896892 bus:SmallCompaniesRegimeForAccounts 2022-02-07 2023-02-28 13896892 bus:RegisteredOffice 2022-02-07 2023-02-28 13896892 bus:Director1 2022-02-07 2023-02-28 13896892 bus:Director2 2022-02-07 2023-02-28 13896892 bus:OrdinaryShareClass1 2022-02-07 2023-02-28 13896892 bus:OrdinaryShareClass2 2022-02-07 2023-02-28 13896892 bus:OrdinaryShareClass3 2022-02-07 2023-02-28 13896892 bus:PrivateLimitedCompanyLtd 2022-02-07 2023-02-28 13896892 countries:EnglandWales 2022-02-07 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13896892

Andy and Leo Properties Ltd

Unaudited Filleted Financial Statements

for the Period from 7 February 2022 to 28 February 2023

 

Andy and Leo Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Andy and Leo Properties Ltd

Company Information

Directors

Mr A P Hallam

Mr L Diez

Registered office

Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Andy and Leo Properties Ltd

(Registration number: 13896892)
Balance Sheet as at 28 February 2023

Note

2023
£

Fixed assets

 

Investment property

4

340,423

Current assets

 

Debtors

5

1,815

Cash at bank and in hand

 

6,535

 

8,350

Creditors: Amounts falling due within one year

6

(104,127)

Net current liabilities

 

(95,777)

Total assets less current liabilities

 

244,646

Creditors: Amounts falling due after more than one year

6

(248,675)

Net liabilities

 

(4,029)

Capital and reserves

 

Called up share capital

7

40

Retained earnings

(4,069)

Shareholders' deficit

 

(4,029)

For the financial period ending 28 February 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 accounts for the period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
Mr A P Hallam
Director

.........................................
Mr L Diez
Director

 

Andy and Leo Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 7 February 2022 to 28 February 2023

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:
Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

The principal place of business is:
7 Kings Road
Brislington
Bristol
BS4 3HH

These financial statements were authorised for issue by the Board on 25 October 2023.

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.

The accounts are presented in £ sterling and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities, which is the renting of property.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Andy and Leo Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 7 February 2022 to 28 February 2023

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.

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.

 

Andy and Leo Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 7 February 2022 to 28 February 2023

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the accounts.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.
Fir financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying value and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

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

4

Investment properties

2023
£

Additions

340,423

At 28 February

340,423

The investment property has been shown at cost, as the directors, who are not professionally qualified valuers, do not consider its current value to be materially different.

No depreciation of the invesment property has been provided for. If this was provided for, then the initial provision would have been £1,702.

There has been no valuation of investment property by an independent valuer.

5

Debtors

 

Andy and Leo Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 7 February 2022 to 28 February 2023

Current

2023
£

Prepayments

308

Other debtors

1,507

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Accruals and deferred income

4,614

Other creditors

99,513

104,127

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

8

248,675

2023
£

Due after more than five years

After more than five years not by instalments

248,675

Creditors include loans which are secured of £248,675.

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £0.01 each

2,000

20

Ordinary A shares of £0.01 each

1,000

10

Ordinary B shares of £0.01 each

1,000

10

 

4,000

40

 

Andy and Leo Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 7 February 2022 to 28 February 2023

8

Loans and borrowings

2023
£

Non-current loans and borrowings

Other borrowings

248,675

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

The loans are interest only loans which are due for repayment 18 years from the balance sheet date. The average interest rate charged in the period was 4.28%.