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REGISTERED NUMBER: 07546120 (England and Wales)

















Lee Ford IFA Limited

Financial Statements

for the Year Ended 29 February 2024






Lee Ford IFA Limited (Registered number: 07546120)

Contents of the Financial Statements
for the year ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lee Ford IFA Limited

Company Information
for the year ended 29 February 2024







DIRECTORS: L G Ford
Mrs C L Ford



SECRETARY: Mrs C L Ford



REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX



REGISTERED NUMBER: 07546120 (England and Wales)



ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX



BANKERS: Barclays Bank plc
10 South Street
Dorchester
Dorset
DT1 1BT

Lee Ford IFA Limited (Registered number: 07546120)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 151,800 127,517

CURRENT ASSETS
Debtors 5 89 100,131
Cash at bank 301,152 294,516
301,241 394,647
CREDITORS
Amounts falling due within one year 6 60,107 57,731
NET CURRENT ASSETS 241,134 336,916
TOTAL ASSETS LESS CURRENT
LIABILITIES

392,934

464,433

CREDITORS
Amounts falling due after more than one
year

7

(18,769

)

(22,615

)

PROVISIONS FOR LIABILITIES (37,180 ) (31,060 )
NET ASSETS 336,985 410,758

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 336,983 410,756
SHAREHOLDERS' FUNDS 336,985 410,758

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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 15 October 2024 and were signed on its behalf by:





L G Ford - Director


Lee Ford IFA Limited (Registered number: 07546120)

Notes to the Financial Statements
for the year ended 29 February 2024


1. STATUTORY INFORMATION

Lee Ford IFA Limited 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.

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

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.
Fixtures, fittings, equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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.

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 3 (2023 - 3 ) .

Lee Ford IFA Limited (Registered number: 07546120)

Notes to the Financial Statements - continued
for the year ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Fixtures,
fittings, Motor
equipment vehicles Totals
£    £    £   
COST
At 1 March 2023 173,017 34,600 207,617
Additions 54,125 - 54,125
At 29 February 2024 227,142 34,600 261,742
DEPRECIATION
At 1 March 2023 71,450 8,650 80,100
Charge for year 23,354 6,488 29,842
At 29 February 2024 94,804 15,138 109,942
NET BOOK VALUE
At 29 February 2024 132,338 19,462 151,800
At 28 February 2023 101,567 25,950 127,517

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023
and 29 February 2024 34,600
DEPRECIATION
At 1 March 2023 8,650
Charge for year 6,488
At 29 February 2024 15,138
NET BOOK VALUE
At 29 February 2024 19,462
At 28 February 2023 25,950

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts - 100,102
Prepayments and accrued income 89 29
89 100,131

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,846 3,846
UK corporation tax 36,937 34,450
Tax and social security costs 17,773 18,236
Directors' current accounts 353 -
Accruals and deferred income 1,198 1,199
60,107 57,731

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 18,769 22,615

Lee Ford IFA Limited (Registered number: 07546120)

Notes to the Financial Statements - continued
for the year ended 29 February 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 22,615 26,461

Hire purchase liabilities are secured on the assets concerned.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mrs C L Ford and L G Ford
Balance outstanding at start of year 100,102 -
Amounts advanced - 100,102
Amounts repaid (100,102 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 100,102