Registered number
02692019
Leazes Arcade Limited
Unaudited Filleted Accounts
27 May 2023
Leazes Arcade Limited
Registered number: 02692019
Balance Sheet
as at 27 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,302,830 5,073,781
Investments 4 2 2
5,302,832 5,073,783
Current assets
Debtors 5 828,426 815,872
Cash at bank and in hand 252,973 255,636
1,081,399 1,071,508
Creditors: amounts falling due within one year 6 (3,288,267) (3,201,347)
Net current liabilities (2,206,868) (2,129,839)
Total assets less current liabilities 3,095,964 2,943,944
Creditors: amounts falling due after more than one year 7 (1,534,423) (1,564,215)
Provisions for liabilities (53,582) (53,582)
Net assets 1,507,959 1,326,147
Capital and reserves
Called up share capital 4 4
Revaluation reserve 8 66,575 66,575
Profit and loss account 1,441,380 1,259,568
Shareholders' funds 1,507,959 1,326,147
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Ajaib
Director
Approved by the board on 8 August 2024
Leazes Arcade Limited
Notes to the Accounts
for the period from 30 May 2022 to 27 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Lease premium over 99 years
Lease premium Over terms of the lease of 999 years
Plant and equipment 20% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 23 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 30 May 2022 5,118,223 164,940 5,283,163
Additions 227,889 19,825 247,714
At 27 May 2023 5,346,112 184,765 5,530,877
Depreciation
At 30 May 2022 69,381 140,001 209,382
Charge for the period 5,751 12,914 18,665
At 27 May 2023 75,132 152,915 228,047
Net book value
At 27 May 2023 5,270,980 31,850 5,302,830
At 29 May 2022 5,048,842 24,939 5,073,781
Freehold land and buildings: 2023 2022
£ £
Historical cost 3,215,645 3,215,645
Cumulative depreciation based on historical cost - -
3,215,645 3,215,645
The company holds properties that are carried at market value. The properties were valued on 21 May 2023 by the director.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 30 May 2022 2
At 27 May 2023 2
5 Debtors 2023 2022
£ £
Other debtors 828,426 815,872
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 37,497 221,094
Trade creditors 36,880 16,807
Corporation tax 166,127 116,254
Other taxes and social security costs 10,044 11,400
Other creditors 3,037,719 2,835,792
3,288,267 3,201,347
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,534,423 1,564,215
8 Revaluation reserve 2023 2022
£ £
At 30 May 2022 66,575 66,575
At 27 May 2023 66,575 66,575
9 Other information
Leazes Arcade is a private company limited by shares and incorporated in England. The registered office is:
Shortflatt Tower
Belsay
Newcastle upon Tyne
NE20 0HD
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