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Company Registration No. SC161558 (Scotland)
S. LEE LIMITED Unaudited accounts for the year ended 31 December 2023
S. LEE LIMITED Unaudited accounts Contents
Page
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S. LEE LIMITED Company Information for the year ended 31 December 2023
Director
Kaye Hoi Yan Wong
Company Number
SC161558 (Scotland)
Registered Office
28 FOREST ROAD ABERDEEN AB15 4BS
Accountants
A2Z Accounting Solutions Limited 26 Grandholm Grove Aberdeen AB22 8AX
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S. LEE LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Debtors
695,209 
708,709 
Cash at bank and in hand
14,317 
16,522 
709,526 
725,231 
Creditors: amounts falling due within one year
(53,961)
(39,546)
Net current assets
655,565 
685,685 
Total assets less current liabilities
655,565 
685,685 
Creditors: amounts falling due after more than one year
(300,000)
(300,000)
Net assets
355,565 
385,685 
Capital and reserves
Called up share capital
10,000 
10,000 
Share premium
90,103 
90,103 
Profit and loss account
255,462 
285,582 
Shareholders' funds
355,565 
385,685 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 January 2025 and were signed on its behalf by
Kaye Hoi Yan Wong Director Company Registration No. SC161558
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S. LEE LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
S. LEE LIMITED is a private company, limited by shares, registered in Scotland, registration number SC161558. The registered office is 28 FOREST ROAD, ABERDEEN, AB15 4BS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Deferred taxation
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. Deferred tax assets and liabilities are not discounted.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for at least twelve months from the date of signing the financial statements. This assumption is based upon assurances received from the directors that it is their intention to provide such assistance as is required to enable the company to meet its financial commitments. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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S. LEE LIMITED Notes to the Accounts for the year ended 31 December 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
4
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Amounts due from group undertakings etc.
621,380 
621,380 
Other debtors
73,829 
87,329 
695,209 
708,709 
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
14,190 
14,190 
Amounts owed to group undertakings and other participating interests
17,500 
- 
Taxes and social security
11,401 
11,495 
Other creditors
4,204 
12,661 
Loans from directors
5,466 
- 
Accruals
1,200 
1,200 
53,961 
39,546 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Other creditors
300,000 
300,000 
7
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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