Silverfin false false 30/04/2024 01/05/2023 30/04/2024 G R Jayson 28/08/1957 A H Lee 28/08/1957 29 January 2025 The principal activity of the Company during the year was that of property rental. 00589474 2024-04-30 00589474 bus:Director1 2024-04-30 00589474 bus:Director2 2024-04-30 00589474 2023-04-30 00589474 core:CurrentFinancialInstruments 2024-04-30 00589474 core:CurrentFinancialInstruments 2023-04-30 00589474 core:ShareCapital 2024-04-30 00589474 core:ShareCapital 2023-04-30 00589474 core:RevaluationReserve 2024-04-30 00589474 core:RevaluationReserve 2023-04-30 00589474 core:RetainedEarningsAccumulatedLosses 2024-04-30 00589474 core:RetainedEarningsAccumulatedLosses 2023-04-30 00589474 core:ListedExchangeTraded core:WithinOneYear 2024-04-30 00589474 core:ListedExchangeTraded core:WithinOneYear 2023-04-30 00589474 2022-04-30 00589474 bus:OrdinaryShareClass1 2024-04-30 00589474 bus:OrdinaryShareClass2 2024-04-30 00589474 bus:PreferenceShareClass1 2024-04-30 00589474 bus:PreferenceShareClass2 2024-04-30 00589474 2023-05-01 2024-04-30 00589474 bus:FilletedAccounts 2023-05-01 2024-04-30 00589474 bus:SmallEntities 2023-05-01 2024-04-30 00589474 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 00589474 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00589474 bus:Director1 2023-05-01 2024-04-30 00589474 bus:Director2 2023-05-01 2024-04-30 00589474 2022-05-01 2023-04-30 00589474 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 00589474 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 00589474 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 00589474 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 00589474 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 00589474 bus:OrdinaryShareClass3 2022-05-01 2023-04-30 00589474 bus:PreferenceShareClass1 2023-05-01 2024-04-30 00589474 bus:PreferenceShareClass1 2022-05-01 2023-04-30 00589474 bus:PreferenceShareClass2 2023-05-01 2024-04-30 00589474 bus:PreferenceShareClass2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00589474 (England and Wales)

R.LEE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

R.LEE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

R.LEE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
R.LEE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 7,498,785 7,125,185
7,498,785 7,125,185
Current assets
Debtors 4 411,526 333,188
Investments 5 281,928 84,377
Cash at bank and in hand 232,949 407,590
926,403 825,155
Creditors: amounts falling due within one year 6 ( 201,947) ( 172,041)
Net current assets 724,456 653,114
Total assets less current liabilities 8,223,241 7,778,299
Provision for liabilities 7, 8 ( 1,411,513) ( 1,318,113)
Net assets 6,811,728 6,460,186
Capital and reserves
Called-up share capital 9 10,000 10,000
Revaluation reserve 4,234,538 3,954,338
Profit and loss account 2,567,190 2,495,848
Total shareholders' funds 6,811,728 6,460,186

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of R.Lee Limited (registered number: 00589474) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

G R Jayson
Director

29 January 2025

R.LEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
R.LEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

R.Lee Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Hillsdown House 1st Floor, 32 Hampstead High Street, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.

Rental income
Investment properties are leased to tenants under operating leases. The rental income receivable under these lease is recognised through profit or loss on a straight-line basis over the term of the lease. Any rental income received relating to a future period is deferred.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. 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 instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 May 2023 7,125,185
Fair value movement 373,600
As at 30 April 2024 7,498,785

4. Debtors

2024 2023
£ £
Trade debtors 69,450 56,100
Amounts owed by directors 162,146 90,526
Prepayments 374 5,068
Corporation tax 29,556 0
Other debtors 150,000 181,494
411,526 333,188

5. Current asset investments

2024 2023
£ £
Listed investments – at fair value 281,928 84,377

6. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 84,790 99,632
Taxation and social security 98,942 71,145
Other creditors 18,215 1,264
201,947 172,041

7. Provision for liabilities

2024 2023
£ £
Deferred tax 1,411,513 1,318,113

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,318,113) ( 1,396,269)
(Charged)/credited to the Profit and Loss Account ( 93,400) 78,156
At the end of financial year ( 1,411,513) ( 1,318,113)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
25,000 A Ordinary shares of £ 0.10 each (2023: nil shares) 2,500 0
25,000 B Ordinary shares of £ 0.10 each (2023: nil shares) 2,500 0
Nil Ordinary shares (2023: 10,000 shares of £ 1.00 each) 0 10,000
5,000 10,000
25,000 A Preference shares of £ 0.10 each (2023: nil shares) 2,500 0
25,000 B Preference shares of £ 0.10 each (2023: nil shares) 2,500 0
5,000 0
10,000 10,000

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Interest free loan provided by Company 150,000 181,494

Transactions with the entity's directors

2024 2023
£ £
Director advances 162,145 90,526

During the year, there was a loan due from the directors included within other debtors due within one year. This comprised an opening balance in debtors of £90,526, advances of £354,814, and repayments of £283,195 and interest charged at HMRC's beneficial loan rate of interest, leaving a year end balance of £162,145. This balance was unsecured, and there are no fixed repayment terms.