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Registration number: 610363

Leicester Investments Limited



Filleted Unaudited Financial Statements

for the Year Ended 5 April 2023

 

Leicester Investments Limited

 

(Registration number: 610363)
Balance Sheet as at 5 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

48

Investment property

5

800,000

800,000

Investments in joint property syndicates

6

-

46

 

800,000

800,094

Current assets

 

Debtors

7

1,090,150

1,028,150

Cash at bank and in hand

 

27,664

23,076

 

1,117,814

1,051,226

Creditors: Amounts falling due within one year

8

(836,586)

(826,093)

Net current assets

 

281,228

225,133

Net assets

 

1,081,228

1,025,227

Capital and reserves

 

Called up share capital

96

96

Profit and loss account

765,030

709,029

Non-distributable reserve

 

316,102

316,102

Total equity

 

1,081,228

1,025,227

For the financial year ending 5 April 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 year 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.

 

Leicester Investments Limited

 

(Registration number: 610363)
Balance Sheet as at 5 April 2023

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 13 March 2024 and signed on its behalf by:
 

.........................................
J A Halpern
Director

 

Leicester Investments Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 5 April 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:
2ND Floor Parkgates Bury New Road
Prestwich
Manchester
M25 0TL
England

These financial statements were authorised for issue by the Board on 13 March 2024.

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.

Investment in Joint Property Syndicates

Investments in syndicates are accounted for under the equity accounting method.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Leicester Investments Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

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.

 

Leicester Investments Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Leicester Investments Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 6 April 2022

6,752

6,752

At 5 April 2023

6,752

6,752

Depreciation

At 6 April 2022

6,704

6,704

Charge for the year

48

48

At 5 April 2023

6,752

6,752

Carrying amount

At 5 April 2023

-

-

At 5 April 2022

48

48

5

Investment properties

2023
£

At 6 April 22

800,000

At 5 April 23

800,000

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

The historical cost of the property is £483,898.

 

 

Leicester Investments Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

6

Investments in joint property syndicates

£

Capital as at 6 April 2022

46

Repayments

(46)

At 5 April 2023

-

7

Debtors

Current

2023
£

2022
£

Other debtors

1,090,150

1,028,150

 

1,090,150

1,028,150

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

865

-

Accruals and deferred income

22,202

20,734

Other creditors

774,853

774,900

Corporation tax liability

38,666

30,459

836,586

826,093