Company registration number 00742076 (England and Wales)
LEAGATE PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
LEAGATE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LEAGATE PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,647
20,148
Investment property
4
450,000
450,000
465,647
470,148
Current assets
Stocks
915,299
915,299
Debtors
6
72,870
158,548
Cash at bank and in hand
128,130
59,273
1,116,299
1,133,120
Creditors: amounts falling due within one year
7
(136,590)
(114,772)
Net current assets
979,709
1,018,348
Total assets less current liabilities
1,445,356
1,488,496
Creditors: amounts falling due after more than one year
8
(517,951)
(444,382)
Provisions for liabilities
(14,504)
(11,023)
Net assets
912,901
1,033,091
Capital and reserves
Called up share capital
2,308
2,308
Revaluation reserve
46,992
46,992
Capital redemption reserve
375,487
375,487
Profit and loss reserves
488,114
608,304
Total equity
912,901
1,033,091
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 March 2024 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 Companies Act 2006 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.
LEAGATE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
Mrs V B Brandon
Director
Company registration number 00742076 (England and Wales)
LEAGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Leagate Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dorset House, 5 Church Street, Wimborne, Dorset, BH21 1JH.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
None
Computers
Office equip - 10% reducing balance, Computer equip 20% straight line
Motor vehicles
25% 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. Changes in fair value are recognised in profit or loss.
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.
1.6
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
LEAGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
LEAGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
596
36,870
30,320
67,786
Additions
1,082
1,082
At 31 March 2024
596
37,952
30,320
68,868
Depreciation and impairment
At 1 April 2023
29,842
17,796
47,638
Depreciation charged in the year
2,452
3,131
5,583
At 31 March 2024
32,294
20,927
53,221
Carrying amount
At 31 March 2024
596
5,658
9,393
15,647
At 31 March 2023
596
7,028
12,524
20,148
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
450,000
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
-
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
500,000
Impairment
At 1 April 2023 & 31 March 2024
500,000
Carrying amount
At 31 March 2024
-
At 31 March 2023
-
LEAGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,059
18,556
Other debtors
56,811
139,992
72,870
158,548
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
18,937
Trade creditors
30,226
9,585
Taxation and social security
10,739
9,587
Other creditors
76,688
95,600
136,590
114,772
The bank loan is secured against the companies freehold properties.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
477,569
404,000
Other creditors
40,382
40,382
517,951
444,382
The bank loan is secured against the companies freehold properties.