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COMPANY REGISTRATION NUMBER: 02435249
Lee and Turner Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2023
Lee and Turner Limited
Financial Statements
Year ended 30 September 2023
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Lee and Turner Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Lee and Turner Limited
Year ended 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 Lee and Turner Limited for the year 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. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
CLAY SHAW THOMAS LTD Chartered accountants
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
8 April 2024
Lee and Turner Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Current assets
Stocks
17,000
11,587
Debtors
5
736,748
851,901
Cash at bank and in hand
150,531
141,281
---------
------------
904,279
1,004,769
Creditors: amounts falling due within one year
6
12,651
28,066
---------
------------
Net current assets
891,628
976,703
---------
---------
Total assets less current liabilities
891,628
976,703
---------
---------
Net assets
891,628
976,703
---------
---------
Lee and Turner Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100,000
100,000
Share premium account
55,000
55,000
Profit and loss account
736,628
821,703
---------
---------
Shareholders funds
891,628
976,703
---------
---------
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 year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
Mr J L W Lee
Director
Company registration number: 02435249
Lee and Turner Limited
Notes to the Financial Statements
Year ended 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 Llancarreg, Beach Road, Southerndown, CF32 0RP.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Debtors
2023
2022
£
£
Trade debtors
8,659
Other debtors
736,748
843,242
---------
---------
736,748
851,901
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
438,889
----
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
219
9,870
Social security and other taxes
9,573
Other creditors
12,432
8,623
--------
--------
12,651
28,066
--------
--------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
2,756
----
-------
8. Directors' advances, credit and guarantees
Included in other debtors is an amount of £199,486 (2022 : £245,285) owing from Mr J L W Lee , the director. Movement on the directors account during the year were as follows :
2023
£
Balance owed from the director at 1 October 2022 245,285
Monies withdrawn 1,950
Monies introduced (52,000)
Interest charged 4,251
---------
Balance owed from director at 30 September 2023 199,486
---------
9. Related party transactions
Mrs M Lee, the wife of Mr J L W Lee received a salary of £24,085 (2022 : £24,000) from the company during the year. Included in other debtors is an amount of £1,549 (2022 : £1,549) owed to the company by Ms C Spear, a shareholder of the company. Included in other debtors is an amount of £1,314 (2022 : £1,314) owed to the company by Mr R Sullivan, a shareholder of the company. Included in other debtors is an amount of £5,480 (2022 : £5,480) owed to the company by Mr B Turner, a shareholder of the company.