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COMPANY REGISTRATION NUMBER: NI654313
Lesley Developments Limited
Filleted Financial Statements
29 December 2023
Lesley Developments Limited
Financial Statements
Year ended 29 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Lesley Developments Limited
Officers and Professional Advisers
The board of directors
Mr M A Herbert
Mrs L E Herbert
Company secretary
Mr Jason Carlisle
Registered office
Aisling House
50 Stranmillis Embankment
Belfast
Northern Ireland
BT9 5FL
Auditor
Maneely Mc Cann Chartered Accountants
Chartered accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Ulster Bank Limited
11-16 Donegall Square East
Belfast
BT1 5UB
Lesley Developments Limited
Statement of Financial Position
29 December 2023
2023
2022
Note
£
£
Current assets
Stocks
260,976
170,510
Debtors
5
4,855,719
4,741,046
Cash at bank and in hand
1,744
411
------------
------------
5,118,439
4,911,967
Creditors: amounts falling due within one year
6
207,477
75,982
------------
------------
Net current assets
4,910,962
4,835,985
------------
------------
Total assets less current liabilities
4,910,962
4,835,985
Creditors: amounts falling due after more than one year
7
4,407,961
4,812,274
------------
------------
Net assets
503,001
23,711
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
502,901
23,611
---------
--------
Shareholders funds
503,001
23,711
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr M A Herbert
Director
Company registration number: NI654313
Lesley Developments Limited
Notes to the Financial Statements
Year ended 29 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in Progress Sites for development are valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provisions are made for foreseeable losses where appropriate. No element of profit is included in the valuation for the site development.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 7 ).
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,381,829
4,694,827
Other debtors
473,890
46,219
------------
------------
4,855,719
4,741,046
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,381,829
4,694,827
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,812
3,161
Social security and other taxes
167,247
44,617
Other creditors
26,418
28,204
---------
--------
207,477
75,982
---------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,407,961
4,812,274
------------
------------
Bank overdrafts and loans are secured by way of fixed and floating charges over the company's assets, and a specific charge over the land known as Lesley Park Royal, Upper Newtownards Road.
8. Summary audit opinion
The auditor's report dated 21 August 2024 was unqualified .
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .
9. Related party transactions
The company is a wholly owned subsidiary of Kirk Bryson & Co Limited, a company incorporated in Northern Ireland, which is a wholly owned subsidiary of Herbel Limited, a company incorporated in Northern Ireland. Herbel Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales which is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company registered in Northern Ireland. Mrs L E Herbert is the shareholder of Herbert Corporate Holdings Limited and is such considered to be the ultimate controlling party of the company. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 33 Related Party Disclosures.
10. Controlling party
Herbert Corporate Holdings Limited is the company's ultimate parent company. Copies of the consolidated financial statements may be obtained from Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL .