REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Leedex Construction Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Leedex Construction Limited |
Leedex Construction Limited (Registered number: 07181532) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Leedex Construction Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
116 Duke Street |
Liverpool |
L1 5JW |
Leedex Construction Limited (Registered number: 07181532) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Leedex Construction Limited (Registered number: 07181532) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Leedex Construction Limited (Registered number: 07181532) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Leedex Construction Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07181532 and the registered office is Unit 4A Lodge Works, Birchall Road, Knowsley Industrial Park, Liverpool L33 7TD. |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors consider that the going concern assumption is appropriate despite the loss and net current liability position as they believe they will be able to meet company obligations as they become due. The company receives support from its holding company and the directors are hoping that next 12 months will see the situation improve. |
Significant judgements and estimates |
There are no judgements (apart from those involving estimates) that have a significant effect on amounts recognised in the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable on construction services, excluding discounts, rebates, value added tax and other sales taxes. revenue is recognised on completion of the developments. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Work in progress is valued at the lower of cost and new realisable value. |
In accordance with FRS 102 para 25.2 the company adopts a policy of capitalising borrowing costs that are directly attributable to acquisition, construction, and production of a qualifying asset. Work in progress is an asset that takes a substantial period of time to get ready for its intended use or sale and meets the FRS 102 definition of a qualifying asset. |
Financial instruments |
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Leedex Construction Limited (Registered number: 07181532) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are stated at fair value, which is market value. Any changes in value of investments is written to the profit and loss account in the year it is incurred. |
No depreciation is provided for in respect of fixed asset investments . Such assets are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all fixed assets to be depreciated, the directors consider that to depreciate them would not enable the financial statements to give a true and fair view. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Leedex Construction Limited (Registered number: 07181532) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Other investments | 673 | - |
Leedex Construction Limited (Registered number: 07181532) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 148,758 | 263 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to participating interests | 203,347 | 114,997 |
Taxation and social security | ( |
) |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | RELATED PARTY DISCLOSURES |
Included within Other Creditors at the balance sheet date is £198,347 (2023: £114,997) owing to Leedex Group Ltd, the parent company and £5,000 (2023: £Nil) owing to Spotforth Ltd, a company related by virtue of common shareholders. |
Included within Other Debtors at the balance sheet date is £148,313 (2023:£185,407l) owing from Leedex Properties Ltd, a company related by virtue of common shareholders. |
These balances are due on demand therefore no interest has been charged. |