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REGISTERED NUMBER: 07995797 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Lee Developments (North East) Ltd

Lee Developments (North East) Ltd (Registered number: 07995797)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lee Developments (North East) Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs W C R Lee
Mr T C S Lee





REGISTERED OFFICE: 130 Darras Road
Ponteland
Newcastle upon Tyne
Tyne and Wear
NE20 9PG





REGISTERED NUMBER: 07995797 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Lee Developments (North East) Ltd (Registered number: 07995797)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 484,969 484,969
484,969 484,969

CURRENT ASSETS
Debtors 7 9,448 13,919
Cash at bank 65,040 38,729
74,488 52,648
CREDITORS
Amounts falling due within one year 8 (433,463 ) (433,300 )
NET CURRENT LIABILITIES (358,975 ) (380,652 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,994

104,317

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account 125,894 104,217
SHAREHOLDERS' FUNDS 125,994 104,317

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:




Mr T C S Lee - Director



Mrs W C R Lee - Director


Lee Developments (North East) Ltd (Registered number: 07995797)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Lee Developments (North East) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain assets measured at fair value.

Turnover
Turnover represents rents and service charges receivable in the period, excluding value added tax. Payments received under operating leases are recognised as income over the lease term on a straight line basis.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows:

Computer equipment- 33% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit and loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investment property
Investment property is included at fair value. Gains and losses arising from changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.


Lee Developments (North East) Ltd (Registered number: 07995797)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

Current taxation is the amount of taxation tax payable in respect of the taxable profit for the year or prior years.

A deferred taxation asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of the current and previous period.

Deferred taxation arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred taxation is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred taxation 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 differences.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 688
DEPRECIATION
At 1 April 2023
and 31 March 2024 688
NET BOOK VALUE
At 31 March 2024 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 484,969
NET BOOK VALUE
At 31 March 2024 484,969
At 31 March 2023 484,969

The fair value of the property at 31 March 2024 has been arrived at on the basis of a valuation carried out by the directors who are not professionally qualified valuers. The valuation, was arrived at by reference to market evidence of transaction prices for similar properties in its location.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,207 13,630
Other debtors 241 289
9,448 13,919

Lee Developments (North East) Ltd (Registered number: 07995797)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 132 245
Taxation and social security 9,255 9,979
Other creditors 424,076 423,076
433,463 433,300