Registered number
11018830
LEO GLOBAL SERVICES LTD
Filleted Accounts
31 October 2023
LEO GLOBAL SERVICES LTD
Registered number: 11018830
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 56,731 9,162
Current assets
Debtors 4 244,218 146,544
Cash at bank and in hand 136,368 143,038
380,586 289,582
Creditors: amounts falling due within one year 5 (322,335) (234,639)
Net current assets 58,251 54,943
Total assets less current liabilities 114,982 64,105
Creditors: amounts falling due after more than one year 6 (38,666) -
Provisions for liabilities (10,779) (1,741)
Net assets 65,537 62,364
Capital and reserves
Called up share capital 100 100
Profit and loss account 65,437 62,264
Shareholder's funds 65,537 62,364
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Lagadapati
Director
Approved by the board on 16 October 2024
LEO GLOBAL SERVICES LTD
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle 20% Writtendown value
Fixtures, fittings, tools and equipment 20% Writtendown value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 41 81
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 15,411 - 15,411
Additions 2,162 59,590 61,752
At 31 October 2023 17,573 59,590 77,163
Depreciation
At 1 November 2022 6,249 - 6,249
Charge for the year 2,265 11,918 14,183
At 31 October 2023 8,514 11,918 20,432
Net book value
At 31 October 2023 9,059 47,672 56,731
At 31 October 2022 9,162 - 9,162
4 Debtors 2023 2022
£ £
Trade debtors 147,574 79,800
Other debtors 96,644 66,744
244,218 146,544
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 318,537 208,082
Other creditors 3,798 26,557
322,335 234,639
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 38,666 -
7 Related party transactions
The director's current account was in credit as at 31.10.2022.
8 Controlling party
The company is controlled by the director holding 100% share capital.
9 Other information
LEO GLOBAL SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
56 The Knares
Basildon
SS16 5TF
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