The Lee, Shaw Partnership Limited 08161823 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of real estate agencies. Digita Accounts Production Advanced 6.30.9574.0 true 08161823 2023-06-01 2024-05-31 08161823 2024-05-31 08161823 core:CurrentFinancialInstruments 2024-05-31 08161823 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 08161823 core:Goodwill 2024-05-31 08161823 core:FurnitureFittingsToolsEquipment 2024-05-31 08161823 bus:SmallEntities 2023-06-01 2024-05-31 08161823 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08161823 bus:FullAccounts 2023-06-01 2024-05-31 08161823 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08161823 bus:RegisteredOffice 2023-06-01 2024-05-31 08161823 bus:Director2 2023-06-01 2024-05-31 08161823 bus:Director3 2023-06-01 2024-05-31 08161823 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08161823 core:Goodwill 2023-06-01 2024-05-31 08161823 core:FurnitureFittings 2023-06-01 2024-05-31 08161823 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 08161823 core:OtherRelatedParties 2023-06-01 2024-05-31 08161823 countries:EnglandWales 2023-06-01 2024-05-31 08161823 core:Goodwill 2023-05-31 08161823 core:FurnitureFittingsToolsEquipment 2023-05-31 08161823 2022-06-01 2023-05-31 08161823 2023-05-31 08161823 core:CurrentFinancialInstruments 2023-05-31 08161823 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 08161823 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 08161823

Prepared for the registrar

The Lee, Shaw Partnership Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

The Lee, Shaw Partnership Limited

(Registration number: 08161823)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

50,283

60,712

 

50,283

60,712

Current assets

 

Stocks

16,563

15,461

Debtors

6

152,335

80,853

Cash at bank and in hand

 

37,500

134,688

 

206,398

231,002

Creditors: Amounts falling due within one year

7

(227,012)

(187,494)

Net current (liabilities)/assets

 

(20,614)

43,508

Total assets less current liabilities

 

29,669

104,220

Deferred tax liabilities

 

(11,989)

(14,468)

Net assets

 

17,680

89,752

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

16,680

88,752

Shareholders' funds

 

17,680

89,752

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 January 2025 and signed on its behalf by:
 

P K Davenport
Director

R M Totney
Director

 
     
 

The Lee, Shaw Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Cross Offices
Summerhill
Kingswinford
West Midlands
DY6 9JE

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

The Lee, Shaw Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance basis

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

The Lee, Shaw Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 24).

 

The Lee, Shaw Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

4

Intangible assets

Goodwill
 £

Cost

At 1 June 2023

850,000

At 31 May 2024

850,000

Amortisation

At 1 June 2023

850,000

At 31 May 2024

850,000

Carrying amount

At 31 May 2024

-

 

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 June 2023

150,051

Additions

243

Disposals

(34,254)

At 31 May 2024

116,040

Depreciation

At 1 June 2023

89,339

Charge for the year

5,579

Eliminated on disposal

(29,161)

At 31 May 2024

65,757

Carrying amount

At 31 May 2024

50,283

At 31 May 2023

60,712

 

The Lee, Shaw Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

6

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

27,076

64,116

Amounts owed by related parties

10

85,662

4,192

Other debtors

 

29,682

779

Prepayments

 

9,915

11,766

   

152,335

80,853

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

49,549

-

Trade creditors

 

25,873

31,749

Social security and other taxes

 

48,099

50,251

Other creditors

 

350

650

Accrued expenses

 

13,134

18,721

Corporation tax liability

90,007

86,123

 

227,012

187,494

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

49,549

-

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £240,878 (2023 - £66,300).

 

10

Related party transactions

Summary of transactions with other related parties

At 31 May 2024, the company was owed £62,278 (2023: £4,197) by one director and owed £23,384 (2023: owed director £5) by the other director in the form of directors' loan accounts. Beneficial loan Interest of £1,000 (2023: £1,553) was paid on these balances, and there are no fixed repayment terms.