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Registered number: 03074864
Lee-Well Catering Ltd.
Unaudited Financial Statements
For The Year Ended 30 November 2023
Avencia Tax and Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03074864
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 420,978 434,844
420,978 434,844
CURRENT ASSETS
Stocks 5 15,000 12,863
Debtors 6 100,868 287,690
Cash at bank and in hand 109,767 68,815
225,635 369,368
Creditors: Amounts Falling Due Within One Year 7 (222,588 ) (193,689 )
NET CURRENT ASSETS (LIABILITIES) 3,047 175,679
TOTAL ASSETS LESS CURRENT LIABILITIES 424,025 610,523
Creditors: Amounts Falling Due After More Than One Year 8 (176,005 ) (213,163 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,588 ) (82,620 )
NET ASSETS 242,432 314,740
CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Profit and Loss Account 142,432 214,740
SHAREHOLDERS' FUNDS 242,432 314,740
Page 1
Page 2
For the year ending 30 November 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 responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gerald Leese
Director
Mrs Diane Leese
Director
Mr Jason Leese
Director
Mr Wayne Leese
Director
02/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lee-Well Catering Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03074864 . The registered office is 13a Mill Lane, Wimborne, Dorset, BH21 1LN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight Line 50 Years
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 36 (2022: 36)
36 36
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 December 2022 645,736 200,154 51,826 4,116 901,832
Additions - - - 9,537 9,537
As at 30 November 2023 645,736 200,154 51,826 13,653 911,369
Depreciation
As at 1 December 2022 229,044 193,254 42,818 1,872 466,988
Provided during the period 18,064 1,725 2,252 1,362 23,403
As at 30 November 2023 247,108 194,979 45,070 3,234 490,391
Net Book Value
As at 30 November 2023 398,628 5,175 6,756 10,419 420,978
As at 1 December 2022 416,692 6,900 9,008 2,244 434,844
5. Stocks
2023 2022
£ £
Stock 15,000 12,863
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 933 849
Directors' loan accounts 99,935 286,841
100,868 287,690
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 31,093 41,294
Corporation tax 96,609 50,469
Other taxes and social security 5,799 9,808
VAT 67,789 66,086
Net wages - 1,700
Other creditors - 20,000
Credit Card 8,458 1,332
Pension creditor 5,808 -
Accruals and deferred income 7,032 3,000
222,588 193,689
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 176,005 213,163
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100,000 100,000
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Gerald Leese 73,145 25,484 73,145 - 25,484
Mrs Diane Leese 73,144 25,483 73,144 - 25,483
Mr Jason Leese 70,276 24,484 70,276 - 24,484
Mr Wayne Leese 70,276 24,484 70,276 - 24,484
The above loan is unsecured, interest free and repayable on demand.
Page 5