Company Registration No. 03758649 (England and Wales)
LEIGHTON-BOYCE PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LEIGHTON-BOYCE PROPERTIES LTD
COMPANY INFORMATION
Directors
Mr O S Leighton-Boyce
Mrs S R Leighton-Boyce
Secretary
Mr O S Leighton-Boyce
Company number
03758649
Registered office
21 Bampton Street
Tiverton
Devon
EX16 6AA
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
LEIGHTON-BOYCE PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LEIGHTON-BOYCE PROPERTIES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,911
2,241
Investment properties
4
9,385,540
5,925,008
Other investments
5
420,644
39,100
9,808,095
5,966,349
Current assets
Debtors
6
828,922
50,128
Cash at bank and in hand
310,076
336,782
1,138,998
386,910
Creditors: amounts falling due within one year
7
(458,963)
(216,569)
Net current assets
680,035
170,341
Total assets less current liabilities
10,488,130
6,136,690
Provisions for liabilities
(1,610,000)
(915,000)
Net assets
8,878,130
5,221,690
Capital and reserves
Called up share capital
8
1,000
1,000
Non distributable reserve
7,072,162
4,110,122
Profit and loss reserves
1,804,968
1,110,568
Total equity
8,878,130
5,221,690

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

LEIGHTON-BOYCE PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
Mr O S Leighton-Boyce
Director
Company Registration No. 03758649
LEIGHTON-BOYCE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Leighton-Boyce Properties Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents rents receivable for the year. Revenue is recognised evenly over the rental period.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

LEIGHTON-BOYCE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments

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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).

3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
8,090
Depreciation and impairment
At 1 January 2023
5,849
Depreciation charged in the year
330
At 31 December 2023
6,179
Carrying amount
At 31 December 2023
1,911
At 31 December 2022
2,241
LEIGHTON-BOYCE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 January 2023
5,925,008
Disposals
(300,000)
Revaluations
3,760,532
At 31 December 2023
9,385,540

The fair value of the investment properties has been arrived at on the basis of informal valuations carried out by the directors of the company. The valuations were made on an open market value basis by reference to rental yield, market evidence of transaction prices for similar properties and detailed planning permission.

5
Fixed asset investments
2023
2022
£
£
Shares in subsidiaries
-
100
Vintage Tractors
420,644
39,000
420,644
39,100
Movements in fixed asset investments
Shares in group undertakings
Vintage Tractors
Total
£
£
£
Cost or valuation
At 1 January 2023
100
39,000
39,100
Additions
-
264,804
264,804
Valuation changes
-
116,840
116,840
At 31 December 2023
100
420,644
420,744
Impairment
At 1 January 2023
-
-
-
Impairment losses
100
-
100
At 31 December 2023
100
-
0
100
Carrying amount
At 31 December 2023
-
420,644
420,644
At 31 December 2022
100
39,000
39,100
LEIGHTON-BOYCE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
825,600
50,128
Prepayments and accrued income
3,322
-
0
828,922
50,128
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
239,679
43,144
Other creditors
18,099
1,924
Accruals and deferred income
201,185
171,501
458,963
216,569
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
800 A Ordinary of £1 each
800
800
100 B Ordinary of £1 each
100
100
100 C Ordinary of £1 each
100
100
1,000
1,000
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
Balance
Amounts owed by related parties
£
Other related parties
6,600
There were no amounts owed in the previous period.

No guarantees have been given or received.

LEIGHTON-BOYCE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr O S Leighton-Boyce -
2.00
25,082
(25,082)
-
Mrs S R Leighton-Boyce -
2.00
25,082
(25,082)
-
50,164
(50,164)
-
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