Company registration number 12929209 (England and Wales)
Leeds and London Estates Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 January 2024
PAGES FOR FILING WITH REGISTRAR
Leeds and London Estates Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Leeds and London Estates Ltd
Statement of financial position
as at 31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
2,055,000
2,055,000
Current assets
Debtors
4
7,956
15,670
Cash at bank and in hand
673
430
8,629
16,100
Creditors: amounts falling due within one year
5
(1,849,399)
(1,960,037)
Net current liabilities
(1,840,770)
(1,943,937)
Total assets less current liabilities
214,230
111,063
Provisions for liabilities
(13,750)
(10,450)
Net assets
200,480
100,613
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
6
41,250
44,550
Distributable profit and loss reserves
159,229
56,062
Total equity
200,480
100,613
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr R Rowell
Director
Company registration number 12929209 (England and Wales)
Leeds and London Estates Ltd
Notes to the financial statements
for the year ended 31 January 2024
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
1
Leeds and London Estates Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2024
- 3 -
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
2,055,000
Investment property comprises Spencer House, 10 Albion Place, Leeds, LS1 6BS. The fair value of the investment property has been arrived at on the basis of a desktop valuation by Knight Frank LLP. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,536
15,669
Other debtors
3,420
1
7,956
15,670
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,821,000
1,941,000
Corporation tax
13,150
Other creditors
28,399
5,887
1,849,399
1,960,037
6
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
44,550
-
Non distributable profits in the year
(3,300)
44,550
At the end of the year
41,250
44,550
7
Company information
Leeds and London Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 44 Spinners Hollow, Ripponden, Sowerby Bridge, HX6 4HY.