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COMPANY REGISTRATION NUMBER: 00838509
Leedum Limited
Filleted Unaudited Financial Statements
30 April 2024
Leedum Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
614,235
207,561
Current assets
Stocks
26,237
23,578
Debtors
6
352,332
344,086
Cash at bank and in hand
1,688,260
1,917,709
-----------
-----------
2,066,829
2,285,373
Creditors: amounts falling due within one year
7
203,169
166,339
-----------
-----------
Net current assets
1,863,660
2,119,034
-----------
-----------
Total assets less current liabilities
2,477,895
2,326,595
Provisions
Taxation including deferred tax
3,602
3,923
-----------
-----------
Net assets
2,474,293
2,322,672
-----------
-----------
Capital and reserves
Called up share capital
8
511
511
Capital redemption reserve
489
489
Profit and loss account
2,473,293
2,321,672
-----------
-----------
Shareholder funds
2,474,293
2,322,672
-----------
-----------
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 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 .
Leedum Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
J. L. White
Director
Company registration number: 00838509
Leedum Limited
Notes to the Financial Statements
Year ended 30 April 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 Stanley Works, Church Street, Eyam, Derbyshire, S32 5QH.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Deprecation rates Recoverability of debtor balances
Revenue
recognition
Turnover is the value of goods and services provided to customers by the company in the ordinary course of business, excluding Value Added Tax.
Income 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 accounts. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant and Equipment
-
17.5% reducing balance and 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2023
271,231
1,403,450
1,674,681
Additions
414,114
5,604
419,718
---------
-----------
-----------
At 30 April 2024
685,345
1,409,054
2,094,399
---------
-----------
-----------
Depreciation
At 1 May 2023
85,878
1,381,242
1,467,120
Charge for the year
5,468
7,576
13,044
---------
-----------
-----------
At 30 April 2024
91,346
1,388,818
1,480,164
---------
-----------
-----------
Carrying amount
At 30 April 2024
593,999
20,236
614,235
---------
-----------
-----------
At 30 April 2023
185,353
22,208
207,561
---------
-----------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
68,097
63,445
Other debtors
284,235
280,641
---------
---------
352,332
344,086
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,070
35,854
Corporation tax
69,487
3,456
Social security and other taxes
5,055
3,645
Other creditors
101,557
123,384
---------
---------
203,169
166,339
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
511
511
511
511
----
----
----
----
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J. L. White
( 115,733)
25,114
( 90,619)
---------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J. L. White
( 65,733)
( 50,000)
( 115,733)
-------
-------
---------