Lee Selby Properties Limited 11668042 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Letting of real estate Digita Accounts Production Advanced 6.30.9574.0 true true 11668042 2023-05-01 2024-04-30 11668042 2024-04-30 11668042 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11668042 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 11668042 bus:SmallEntities 2023-05-01 2024-04-30 11668042 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11668042 bus:FilletedAccounts 2023-05-01 2024-04-30 11668042 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11668042 bus:RegisteredOffice 2023-05-01 2024-04-30 11668042 bus:Director1 2023-05-01 2024-04-30 11668042 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11668042 countries:EnglandWales 2023-05-01 2024-04-30 11668042 2023-04-30 11668042 2022-05-01 2023-04-30 11668042 2023-04-30 11668042 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11668042 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 11668042

Lee Selby Properties Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Lee Selby Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Lee Selby Properties Limited

Company Information

Director

L Selby

Registered office

2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Lee Selby Properties Limited

(Registration number: 11668042)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

         

Fixed assets

   

Investment property

4

 

1,182,000

1,182,000

Current assets

   

Cash at bank and in hand

 

124,433

 

132,009

Creditors: Amounts falling due within one year

6

(10,439)

 

(3,335)

Net current assets

   

113,994

128,674

Total assets less current liabilities

   

1,295,994

1,310,674

Creditors: Amounts falling due after more than one year

6

 

(1,003,789)

(1,002,109)

Provisions for liabilities

 

(75,955)

(57,726)

Net assets

   

216,250

250,839

Capital and reserves

   

Called up share capital

100

 

100

Retained earnings

216,150

 

250,739

Shareholders' funds

   

216,250

250,839

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 January 2025
 

.........................................

L Selby
Director

 

Lee Selby Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA
United Kingdom

These financial statements were authorised for issue by the director on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Lee Selby Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax 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 difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Lee Selby Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Lee Selby Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Investment properties

2024
£

At 1 May

1,182,000

At 30 April

1,182,000

The investment properties were revalued by the director.at open market value.

There has been no valuation of investment property by an independent valuer.

5

Debtors

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

1,247

Accruals and deferred income

1,680

1,680

Other creditors

8,759

408

10,439

3,335

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

697,642

697,642

Other non-current financial liabilities

 

306,147

304,467

 

1,003,789

1,002,109

7

Related party transactions

At the year end the company owed the director £8,758 (2023: £408). Loans to the company are made interest free and are repayable on demand.

Included in creditors due after one year is £306,147 (2023: £304,467) owed to Lee Selby Ltd, a company under the control of the director. During the year management charges of £12,000 (2023: £8,000) were charged to Lee Selby Ltd.