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Registration number: 14535267

Leadermac Hospitality Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Leadermac Hospitality Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Leadermac Hospitality Limited

Company Information

Director

Mrs Joanne Wright

Registered office

C/o McGinty Demack
Vermont House
Bradley Lane
Wigan
Lancashire
WN6 0XF

Accountants

McGinty Demack Limited
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Wigan
WN6 0XF

 

Leadermac Hospitality Limited

(Registration number: 14535267)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

24,394

27,525

Current assets

 

Stocks

5

2,889

5,509

Debtors

6

99

100

Cash at bank and in hand

 

-

11,402

 

2,988

17,011

Creditors: Amounts falling due within one year

7

(47,764)

(46,264)

Net current liabilities

 

(44,776)

(29,253)

Net liabilities

 

(20,382)

(1,728)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(20,482)

(1,828)

Shareholders' deficit

 

(20,382)

(1,728)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Leadermac Hospitality Limited

(Registration number: 14535267)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 21 August 2024
 

.........................................
Mrs Joanne Wright
Director

 

Leadermac Hospitality Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o McGinty Demack
Vermont House
Bradley Lane
Wigan
Lancashire
WN6 0XF
England

These financial statements were authorised for issue by the director on 21 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Leadermac Hospitality Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Leadermac Hospitality Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Leadermac Hospitality Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Leadermac Hospitality Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

-

700

700

Additions

30,000

-

30,000

At 31 May 2024

30,000

700

30,700

Depreciation

At 1 June 2023

3,000

175

3,175

Charge for the year

3,000

131

3,131

At 31 May 2024

6,000

306

6,306

Carrying amount

At 31 May 2024

24,000

394

24,394

At 31 May 2023

27,000

525

27,525

Included within the net book value of land and buildings above is £24,000 (2023 - £27,000) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

2,889

5,509

6

Debtors

Current

2024
£

2023
£

Other debtors

99

100

 

99

100

 

Leadermac Hospitality Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

175

-

Taxation and social security

 

2,372

1,199

Accruals and deferred income

 

1,117

966

Other creditors

 

44,100

44,099

 

47,764

46,264

Creditors: amounts falling due after more than one year

2024
£

2023
£

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

175

-