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Registered number: 02683341
Levellodge Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
H & E Johnson
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02683341
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,168 9,787
Investment Properties 5 1,670,000 1,510,000
1,678,168 1,519,787
CURRENT ASSETS
Stocks 6 490 600
Debtors 7 34,380 62,368
Cash at bank and in hand 259,655 272,663
294,525 335,631
Creditors: Amounts Falling Due Within One Year 8 (11,428 ) (10,731 )
NET CURRENT ASSETS (LIABILITIES) 283,097 324,900
TOTAL ASSETS LESS CURRENT LIABILITIES 1,961,265 1,844,687
PROVISIONS FOR LIABILITIES
Deferred Taxation (238,651 ) (238,651 )
NET ASSETS 1,722,614 1,606,036
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 11 718,303 718,303
Profit and Loss Account 1,004,211 887,633
SHAREHOLDERS' FUNDS 1,722,614 1,606,036
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Lesley Bingham
Director
11/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Levellodge Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02683341 . The registered office is Sandall House, 230 High Street, Herne Bay, Kent, CT6 5AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 April 2023 32,222 19,843 13,815 65,880
As at 31 March 2024 32,222 19,843 13,815 65,880
Depreciation
As at 1 April 2023 28,765 16,500 10,828 56,093
Provided during the period 864 8 747 1,619
As at 31 March 2024 29,629 16,508 11,575 57,712
Net Book Value
As at 31 March 2024 2,593 3,335 2,240 8,168
As at 1 April 2023 3,457 3,343 2,987 9,787
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 1,510,000
Revaluations 160,000
As at 31 March 2024 1,670,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 203,270 203,270
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6. Stocks
2024 2023
£ £
Stock 490 600
7. Debtors
2024 2023
£ £
Due within one year
Amounts owed by participating interests 32,000 60,000
Other debtors 2,380 2,368
34,380 62,368
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 4,880 4,363
Taxation and social security 6,548 6,368
11,428 10,731
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Ms Lesley Bingham 60,000 32,000 60,000 - 32,000
The director's loan was repaid by way of a dividend in November 2024.
11. Reserves
Fair Value Reserve
£
As at 1 April 2023 718,303
As at 31 March 2024 718,303
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12. Ultimate Controlling Party
The company's ultimate controlling party is L Bingham by virtue of his ownership of 100% of the issued share capital in the company.
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