2022-11-01 2023-10-31 07828924 Leeps Limited false 07828924 2022-11-01 2023-10-31 07828924 uk-bus:Director1 2022-11-01 2023-10-31 07828924 uk-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 07828924 uk-bus:SmallEntities 2022-11-01 2023-10-31 07828924 uk-bus:FullAccounts 2022-11-01 2023-10-31 07828924 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07828924 2022-11-01 07828924 2023-10-31 07828924 2022-10-31 xbrli:pure iso4217:GBP 07828924 2021-11-01 2022-10-31
Company Registration Number : 07828924 (England and Wales)
07828924
This company is a private limited company
This company sells stuff to other companies
The company was trading for the entire period
Full Accounts
2023-10-31
false
Leeps Limited
The accounts were prepared in accordance with FRS102A
The accounts have been audited
2022-11-01
Leeps Limited
Unaudited filleted financial statements
For the year ended 31 October 2023
Leeps Limited
Contents
For the year ended 31 October 2023

CONTENTS PAGE
Company Information 3
Statement of Financial Position 4
Notes to the Financial Statements 5 - 7


Leeps Limited
Company Information
For the year ended 31 October 2023

Company registration number 07828924 (England and Wales)
Directors Robert John Sherrin
Robert Sherrin
Ian Hammond
Company secretary Fiona Sherrin
Registered office address Office 5, Lavant House
39 Lavant Street
Petersfield
GU32 3EL
Accountant DNS Accountants Ltd
Chartered Management Accountants
Dns House, 382 Kenton Road,
Harrow, Middlesex
United kingdom
HA3 8DP
Leeps Limited
Statement of Financial Position
For the year ended 31 October 2023

2023 2022
Notes £ £
Fixed assets
Property, plant and equipment 33,354 40,322
5 33,354 40,322
Current assets
Debtors 87,053 220,789
Debtors: Amounts falling due after more than one year 8,016 4,585
Cash and cash equivalents 81,726 117,981
176,795 343,356
Current liabilities
Creditors: Amounts falling due within one year (36,870) (102,623)
Corporation tax payable (9,466) (28,845)
(46,336) (131,469)
Net current assets/(liabilities) 130,459 211,887
Total assets less current liabilities 163,813 252,209
Non-current liabilities
Creditors: Amounts falling due after more than one year (26,075) (43,228)
Net assets/(liabilities) 137,738 208,981
Capital and reserves
Called up share capital 100 100
Retained earnings 137,638 208,881
Shareholders' funds 137,738 208,981
For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A.
The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small entities regime. All the members of the company have consented to the drawing up of the abridged balance sheet.
  • For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 17 July 2024
.............................
Robert John Sherrin (Director)
Company registration number: 07828924
/* == Copy of Frs105 Balance Sheet for XML COntent ============================================================ */
Balance sheet at 2023-10-31 31 October 2023
2023 2022
£ £
Fixed Assets 33,354 40,322
Current Assets 168,779 310,580
Prepayments and accrued income 0 28,191
Creditors: amounts falling due within one year (46,336) (131,469)
Net current assets (liabilities) 122,443 207,302
Total assets less current liabilities 155,796 247,624
CREDITORS: Amounts falling due more than one year (26,075) (43,228)
Net Assets (liabilities) 137,738 208,981
Capital and Reserves 137,738 208,981
For the year ending 31/10/2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. For the year ending 31-10-2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit for the year 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 accounts. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the small companies provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of directors on 17 July 2024 2024-07-17 and signed on behalf of the board,
.............................
Robert John Sherrin
Director
Company registration number: 07828924
Leeps Limited
Notes to the Financial Statements
For the year ended 31 October 2023

(1) General Information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Office 5, Lavant House, 39 Lavant Street, Petersfield, GU32 3EL.

(2) Statement of compliance
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime.

(3) Significant Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below.
Sale of goods
Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them.
Interest income
Interest income is recognised using the effective interest method.
Borrowing costs
All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:

Asset class and depreciation rate
Land and Buildings
Plant and Machinery
Short Leasehold Properties
Investment Properties
Long Leasehold Properties
Commercial Vehicles25% reducing balance
Fixtures and Fittings
Equipment33% straight line
Motor Cars
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

The company as lessee

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in the income statement.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases,the aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis over the lease period.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred Tax
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Employee benefits
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Investment
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognized in profit or
loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall
be transferred to tangible assets and treated as such until it is expected that fair value will be reliable measurable on an ongoing
basis.

(4) Employees
During the year, the average number of employees including director was 5 (2022 : 5).

(5) Fixed assets
Tangible

£
Cost
As at 01 November 202284,628
As at 31 October 202384,628
Depreciation/Amortisation
As at 01 November 202244,306
For the year6,968
As at 31 October 202351,274
Net book value
As at 31 October 202333,354
As at 31 October 202240,322

(6) Investment revaluation
These financial statements for the year ended 31st October 2023 are the financial statements of the company prepared in accordance with FRS 102 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The shares are being measured at fair value under FRS 102 1A and fair value gains and losses are reported in profit or loss.
FRS 102 1A also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, a deferred tax of £3,431 was recognized at 31st October 2023 to reflect the provisions of FRS 102 1A.

The loss on revaluation at 31st October 2023 has been reported in profit or loss and the effect on profit for the year ended 31st
October 2023 is a decrease in profit for the amount of £18,060 is after deferred tax.