Company registration number 02440809 (England and Wales)
LEADING CORPORATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LEADING CORPORATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LEADING CORPORATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,000
3,000
Current assets
Debtors
5
8,566
270
Cash at bank and in hand
6,209
22,845
14,775
23,115
Creditors: amounts falling due within one year
6
(17,767)
(26,107)
Net current liabilities
(2,992)
(2,992)
Net assets
8
8
Capital and reserves
Called up share capital
8
8
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 December 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
Mr C S Newport
Director
Company Registration No. 02440809
LEADING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Leading Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Europa House, Goldstone Villas, Hove, East Sussex, BN3 3RQ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents ground rents and service charges receivable from the Lessees of 49 & 50 Sussex Square during the year, in order to meet the relevant costs in relation to the property in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987.
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. Included at cost in tangible fixed assets is the freehold interest of 49-50 Sussex Square, Brighton, East Sussex, BN2 1GE, which is not depreciated or revalued.
1.4
Financial instruments
The company has the following financial instruments :
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
LEADING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
3
Taxation
It has been agreed with HM Revenue & Customs that the company be regarded as a mutual trading company. Although the company has a liability to UK Corporation Tax on its investment income, HM Revenue & Customs have given exemption from filing a return for 5 years.
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
3,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
3,000
At 31 December 2022
3,000
The company owns the freehold interest and manages the property 49 & 50 Sussex Square. The majority of the lessees of the property are also the company's directors and shareholders. The lessees are responsible for the cost and maintaining the property such that the residual value of the freehold interest continues to be not less that the original cost of £3,000. On this basis no depreciation is required to be provided at the balance sheet date.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
599
Prepayments and accrued income
7,967
270
8,566
270
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
16,363
18,445
Accruals and deferred income
1,404
7,662
17,767
26,107
LEADING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
7
Related party transactions
At the balance sheet date certain Lessees were owed amounts totalling £16,363 (2022 - £18,445) by the company, whilst certain Lessees owed amounts totalling £599 (2022 - £nil) to the company.
The company's turnover represents ground rent and contributions receivable from Lessees of 49 & 50 Sussex Square, Brighton.
8
Controlling party
The directors are of the opinion that no one person has ultimate control of the company, due to the fact that there are eight shareholders, each holding 1 share.
9
Contingent liability
The company contracts with third parties in its name for the supply to the property for maintenance of the common parts in accordance with the terms of the leases. At 31 December 2023 the company had not entered into any non-cancellable contractual commitments (2022 - none).