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COMPANY REGISTRATION NUMBER: 02435249
Lee and Turner Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Lee and Turner Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Lee and Turner Limited
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
Year ended 30 September 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
25 November 2024
Lee and Turner Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Current assets
Stocks
19,443
17,000
Debtors
5
257,182
736,748
Cash at bank and in hand
323,815
150,531
---------
---------
600,440
904,279
Creditors: amounts falling due within one year
6
2,521
12,651
---------
---------
Net current assets
597,919
891,628
---------
---------
Total assets less current liabilities
597,919
891,628
---------
---------
Net assets
597,919
891,628
---------
---------
Lee and Turner Limited
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100,000
100,000
Share premium account
55,000
55,000
Profit and loss account
442,919
736,628
---------
---------
Shareholders funds
597,919
891,628
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr J L W Lee
Director
Company registration number: 02435249
Lee and Turner Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Llancarreg, Beach Road, Southerndown, CF32 0RP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Debtors
2024
2023
£
£
Other debtors
257,182
736,748
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
219
Social security and other taxes
514
Other creditors
2,007
12,432
-------
--------
2,521
12,651
-------
--------
7. Directors' advances, credit and guarantees
Included in other debtors is an amount of £184,858 (2023 : £199,486) owing from Mr J L W Lee , the director. Movement on the directors account during the year were as follows :
2024
£
Balance owed from the director at 1 October 2023 199,486
Monies withdrawn 18,347
Monies introduced (37,312)
Interest charged 4,337
---------
Balance owed from director at 30 September 2024 184,858
---------
8. Related party transactions
Included in other debtors is an amount of £1,549 (2023 : £1,549) owed to the company by Ms C Spear, a shareholder of the company. Included in other debtors is an amount of £1,314 (2023 : £1,314) owed to the company by Mr R Sullivan, a shareholder of the company. Included in other debtors is an amount of £5,480 (2023 : £5,480) owed to the company by Mr B Turner, a shareholder of the company.