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COMPANY REGISTRATION NUMBER: 03493750
Leys Developments Ltd
Filleted Unaudited Financial Statements
30 September 2023
Leys Developments Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Leys Developments Ltd
Period from 1 April 2022 to 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Leys Developments Ltd for the period ended 30 September 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Leys Developments Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Leys Developments Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leys Developments Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Leys Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Leys Developments Ltd. You consider that Leys Developments Ltd is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Leys Developments Ltd. 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 financial statements.
PAUL PHILLIS & CO LIMITED Chartered accountants
11a Corelli Street Newport South Wales NP19 7AR
9 January 2024
Leys Developments Ltd
Statement of Financial Position
30 September 2023
30 Sep 23
31 Mar 22
Note
£
£
£
Fixed assets
Tangible assets
5
17,364
Investments
6
3,125
----
--------
20,489
Current assets
Stocks
57,850
Debtors
7
300
5,883
Cash at bank and in hand
590,618
493,295
---------
---------
590,918
557,028
Creditors: amounts falling due within one year
8
74,113
43,309
---------
---------
Net current assets
516,805
513,719
---------
---------
Total assets less current liabilities
516,805
534,208
---------
---------
Net assets
516,805
534,208
---------
---------
Capital and reserves
Called up share capital
50
50
Other reserves
50
50
Profit and loss account
516,705
534,108
---------
---------
Shareholders funds
516,805
534,208
---------
---------
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 period ending 30 September 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 period 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 .
Leys Developments Ltd
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 9 January 2024 , and are signed on behalf of the board by:
Mrs C.L. Hutchings
Ms R.C. Hutchings
Director
Director
Mr. R.W.J. Hutchings
Director
Company registration number: 03493750
Leys Developments Ltd
Notes to the Financial Statements
Period from 1 April 2022 to 30 September 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 1 Fields Park Avenue, Newport, South Wales, NP20 5BG.
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. The items in the financial statements where these judgements and estimates have been made include: Depreciation: The company exercises judgement to determine useful lives and residual values of tangible and intangible assets. The assets are depreciated down to their residual values over their estimated lives.
Revenue recognition
Sale of Goods Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Hire of plant and machinery When the outcome of a transaction can be estimated reliably, turnover from the start date of the period of hire is recognised by reference to the stage of completion at the balance sheet date on a straight line basis over the period of the hire. Stage of completion is measured by reference to the hire agreement end date. Consultancy services When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Where income is earned on a contingency or commission basis, turnover is recognised when the outcome of the contingency is established. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
20% straight line
Office equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance 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 becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2022
33,540
2,376
35,916
Disposals
( 33,540)
( 2,376)
( 35,916)
--------
-------
--------
At 30 September 2023
--------
-------
--------
Depreciation
At 1 April 2022
16,368
2,184
18,552
Disposals
( 16,368)
( 2,184)
( 18,552)
--------
-------
--------
At 30 September 2023
--------
-------
--------
Carrying amount
At 30 September 2023
--------
-------
--------
At 31 March 2022
17,172
192
17,364
--------
-------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2022
3,125
Disposals
( 3,125)
-------
At 30 September 2023
-------
Impairment
At 1 April 2022 and 30 September 2023
-------
Carrying amount
At 30 September 2023
-------
At 31 March 2022
3,125
-------
7. Debtors
30 Sep 23
31 Mar 22
£
£
Trade debtors
300
287
Other debtors
5,596
----
-------
300
5,883
----
-------
8. Creditors: amounts falling due within one year
30 Sep 23
31 Mar 22
£
£
Trade creditors
98
Corporation tax
2,216
Social security and other taxes
554
Other creditors
71,897
42,657
--------
--------
74,113
43,309
--------
--------
9. Financial instruments
The company's principal financial instruments comprise cash, bank balances and items that arise directly from the company's trading operations such as trade debtors and creditors.
10. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
30 Sep 23
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs C.L. Hutchings
( 40,152)
( 73,599)
43,089
( 70,662)
Mr. R.W.J. Hutchings
( 605)
( 73)
1,343
665
--------
--------
--------
--------
( 40,757)
( 73,672)
44,432
( 69,997)
--------
--------
--------
--------
31 Mar 22
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs C.L. Hutchings
( 4,253)
( 37,899)
2,000
( 40,152)
Mr. R.W.J. Hutchings
218
( 301,343)
300,520
( 605)
-------
---------
---------
--------
( 4,035)
( 339,242)
302,520
( 40,757)
-------
---------
---------
--------
Interest is charged at the official rate on any loans which exceed £10,000 during the year, and the loans are repayable on demand.
11. Related party transactions
The company was under the control of Mrs C.L. Hutchings throughout the current and previous year.