Silverfin false false 30/04/2024 01/05/2023 30/04/2024 A Tomkins 15/04/2014 H Tomkins 12/04/2024 08/03/2019 30 January 2025 The principal activity of the Company during the financial year continued to be that of a subletting public house property. SC475319 2024-04-30 SC475319 bus:Director1 2024-04-30 SC475319 bus:Director2 2024-04-30 SC475319 2023-04-30 SC475319 core:CurrentFinancialInstruments 2024-04-30 SC475319 core:CurrentFinancialInstruments 2023-04-30 SC475319 core:Non-currentFinancialInstruments 2024-04-30 SC475319 core:Non-currentFinancialInstruments 2023-04-30 SC475319 core:ShareCapital 2024-04-30 SC475319 core:ShareCapital 2023-04-30 SC475319 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC475319 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC475319 core:OtherPropertyPlantEquipment 2023-04-30 SC475319 core:OtherPropertyPlantEquipment 2024-04-30 SC475319 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-04-30 SC475319 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-30 SC475319 bus:OrdinaryShareClass1 2024-04-30 SC475319 2023-05-01 2024-04-30 SC475319 bus:FilletedAccounts 2023-05-01 2024-04-30 SC475319 bus:SmallEntities 2023-05-01 2024-04-30 SC475319 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC475319 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC475319 bus:Director1 2023-05-01 2024-04-30 SC475319 bus:Director2 2023-05-01 2024-04-30 SC475319 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 SC475319 2022-05-01 2023-04-30 SC475319 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 SC475319 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC475319 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC475319 (Scotland)

LEASE 122 LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

LEASE 122 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

LEASE 122 LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
LEASE 122 LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 10,074 12,592
10,074 12,592
Current assets
Debtors 4 6,312 6,110
Cash at bank and in hand 7,000 13
13,312 6,123
Creditors: amounts falling due within one year 5 ( 95,103) ( 76,712)
Net current liabilities (81,791) (70,589)
Total assets less current liabilities (71,717) (57,997)
Creditors: amounts falling due after more than one year 6 ( 740) ( 1,805)
Net liabilities ( 72,457) ( 59,802)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 72,458 ) ( 59,803 )
Total shareholder's deficit ( 72,457) ( 59,802)

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Lease 122 Limited (registered number: SC475319) were approved and authorised for issue by the Director on 30 January 2025. They were signed on its behalf by:

A Tomkins
Director
LEASE 122 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
LEASE 122 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

Lease 122 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £72,457. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met 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 at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Balance Sheet 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans and loans from group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 81,274 81,274
At 30 April 2024 81,274 81,274
Accumulated depreciation
At 01 May 2023 68,682 68,682
Charge for the financial year 2,518 2,518
At 30 April 2024 71,200 71,200
Net book value
At 30 April 2024 10,074 10,074
At 30 April 2023 12,592 12,592

4. Debtors

2024 2023
£ £
Other debtors 6,312 6,110

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 11,050 11,050
Amounts owed to related parties 27,986 8,010
Amounts owed to director 47,206 46,106
Other loans 6,174 9,206
Accruals 1,825 1,526
Corporation tax 862 814
95,103 76,712

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 740 1,805

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to the company directors 47,906 46,106

Other related party transactions

2024 2023
£ £
Amounts owed to related parties 27,986 8,010
Amounts owed from related parties 150 150

9. Ultimate controlling party

Parent Company:

Oakrealm Ltd
227 West George Street, Glasgow, G2 2ND