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REGISTERED NUMBER: 10506357 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

LEE PARK ESTATES LTD

LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LEE PARK ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs C Lee
A Lee





REGISTERED OFFICE: Saddlebrook Park
Warden Bay Road
Leysdown
Sheerness
Kent
ME12 4LT





REGISTERED NUMBER: 10506357 (England and Wales)





ACCOUNTANTS: Sargeant Partnership LLP
Chartered Accountants
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,709,375 2,051,375
Tangible assets 5 20,883,815 14,371,858
22,593,190 16,423,233

CURRENT ASSETS
Stocks 602,361 612,598
Debtors 6 419,683 457,339
Cash at bank and in hand 1,885,072 1,505,480
2,907,116 2,575,417
CREDITORS
Amounts falling due within one year 7 2,600,166 2,294,724
NET CURRENT ASSETS 306,950 280,693
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,900,140

16,703,926

CREDITORS
Amounts falling due after more than one
year

8

(10,553,510

)

(10,864,467

)

PROVISIONS FOR LIABILITIES (2,700,503 ) (1,111,884 )
NET ASSETS 9,646,127 4,727,575

LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 2 2
Revaluation reserve 11 7,382,463 2,710,405
Retained earnings 11 2,263,662 2,017,168
SHAREHOLDERS' FUNDS 9,646,127 4,727,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:





A Lee - Director


LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Lee Park Estates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of four businesses in 2017, 2018, 2021 and 2022, is being amortised evenly over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Improvements to property - 2% per annum on cost
Plant and machinery - 25% per annum on reducing balance and 10% per annum on cost
Fixtures and fittings - 25% per annum on reducing balance
Motor vehicles - 25% per annum on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 27 ) .

LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 3,420,000
AMORTISATION
At 1 April 2023 1,368,625
Amortisation for year 342,000
At 31 March 2024 1,710,625
NET BOOK VALUE
At 31 March 2024 1,709,375
At 31 March 2023 2,051,375

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 April 2023 13,458,904 351,406 554,630
Additions 27,720 158,088 194,548
Disposals - - (30,920 )
Revaluations 6,229,411 - -
At 31 March 2024 19,716,035 509,494 718,258
DEPRECIATION
At 1 April 2023 - 5,856 79,044
Charge for year - 8,709 77,091
Eliminated on disposal - - (3,674 )
At 31 March 2024 - 14,565 152,461
NET BOOK VALUE
At 31 March 2024 19,716,035 494,929 565,797
At 31 March 2023 13,458,904 345,550 475,586

LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 71,053 77,034 14,513,027
Additions 14,791 40,950 436,097
Disposals - (26,158 ) (57,078 )
Revaluations - - 6,229,411
At 31 March 2024 85,844 91,826 21,121,457
DEPRECIATION
At 1 April 2023 17,951 38,318 141,169
Charge for year 15,120 17,075 117,995
Eliminated on disposal - (17,848 ) (21,522 )
At 31 March 2024 33,071 37,545 237,642
NET BOOK VALUE
At 31 March 2024 52,773 54,281 20,883,815
At 31 March 2023 53,102 38,716 14,371,858

Cost or valuation at 31 March 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2021 3,613,874 - -
Valuation in 2024 6,229,411 - -
Cost 9,872,750 509,494 718,258
19,716,035 509,494 718,258

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2021 - - 3,613,874
Valuation in 2024 - - 6,229,411
Cost 85,844 91,826 11,278,172
85,844 91,826 21,121,457

LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 220,739
DEPRECIATION
At 1 April 2023
and 31 March 2024 5,344
NET BOOK VALUE
At 31 March 2024 215,395
At 31 March 2023 215,395

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 375,796 266,562
Other debtors 43,887 190,777
419,683 457,339

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 331,669 326,346
Hire purchase contracts 86,470 58,965
Trade creditors 46,003 108,111
Taxation and social security 341,682 86,819
Other creditors 1,794,342 1,714,483
2,600,166 2,294,724

LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
as restated
£    £   
Bank loans 9,319,667 9,637,343
Hire purchase contracts 180,104 209,140
Other creditors 1,053,739 1,017,984
10,553,510 10,864,467

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,994,996 8,332,999

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 9,650,836 9,963,429

The HSBC Bank Plc holds a fixed charge over the company. In particular this consists of a specific equitable charge over all freehold and leasehold properties.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
1 Ordinary £1 1 1
1 A Ordinary £1 1 1
2 2

LEE PARK ESTATES LTD (REGISTERED NUMBER: 10506357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 2,017,168 2,710,405 4,727,573
Profit for the year 248,494 248,494
Dividends (2,000 ) (2,000 )
Fixed asset revaluation - 4,672,058 4,672,058
At 31 March 2024 2,263,662 7,382,463 9,646,125

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed Mr A Lee £271,719 (2023: £338,533) and Mrs C Lee £271,719 (2023: £338,533).

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties during the year were the directors with their equal shareholding.