Registered number
07961384
Leading Initiatives Limited
Filleted Accounts
28 February 2023
Leading Initiatives Limited
Registered number: 07961384
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 48,057 53,396
Current assets
Debtors 4 60,183 59,600
Creditors: amounts falling due within one year 5 (30,184) (16,933)
Net current assets 29,999 42,667
Total assets less current liabilities 78,056 96,063
Creditors: amounts falling due after more than one year 6 (70,903) (88,299)
Net assets 7,153 7,764
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,053 7,664
Shareholders' funds 7,153 7,764
The director is 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 director acknowledges his 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.
G Woodberry
Director
Approved by the board on 10 October 2023
Leading Initiatives Limited
Notes to the Accounts
for the year ended 28 February 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:
Motor vehicles 10% straight line
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 March 2022 53,396
At 28 February 2023 53,396
Depreciation
Charge for the year 5,339
At 28 February 2023 5,339
Net book value
At 28 February 2023 48,057
At 28 February 2022 53,396
4 Debtors 2023 2022
£ £
Trade debtors 55,183 59,600
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,000 -
60,183 59,600
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,928 979
Taxation and social security costs 24,256 15,954
30,184 16,933
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,043 42,543
Obligations under finance lease and hire purchase contracts 37,860 45,756
70,903 88,299
7 Other information
Leading Initiatives Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hilton Hall
Hilton Lane
Essington
Wolverhampton
WV11 2BQ
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