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REGISTERED NUMBER: 04344346 (England and Wales)













Unaudited Financial Statements

for the Period

1 April 2023 to 30 September 2024

for

Lees House Limited

Lees House Limited (Registered number: 04344346)






Contents of the Financial Statements
for the Period 1 April 2023 to 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lees House Limited

Company Information
for the Period 1 April 2023 to 30 September 2024







DIRECTORS: D R Hill
R E Hill





SECRETARY: C A Cross





REGISTERED OFFICE: 10 Vicarage Lane
Cockermouth
Cumbria
CA13 9DQ





REGISTERED NUMBER: 04344346 (England and Wales)





ACCOUNTANTS: A C Mole LLP
Chartered Accountants
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Lees House Limited (Registered number: 04344346)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,164,917 10,658,788

CURRENT ASSETS
Stocks 5 676,131 147,037
Debtors 6 705,988 2,421,953
Cash at bank 430,705 267,555
1,812,824 2,836,545
CREDITORS
Amounts falling due within one year 7 6,555,209 7,875,422
NET CURRENT LIABILITIES (4,742,385 ) (5,038,877 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,422,532

5,619,911

PROVISIONS FOR LIABILITIES 781,000 706,500
NET ASSETS 5,641,532 4,913,411

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 3,635,904 3,635,904
Retained earnings 2,005,626 1,277,505
SHAREHOLDERS' FUNDS 5,641,532 4,913,411

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:





D R Hill - Director


Lees House Limited (Registered number: 04344346)

Notes to the Financial Statements
for the Period 1 April 2023 to 30 September 2024

1. STATUTORY INFORMATION

Lees House Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added tax, and represents rent receivable for the year.

Tangible fixed assets
The long leasehold property is stated in the balance sheet at directors' valuation.

The property is not depreciated as it is regularly revalued and it is considered that depreciation would be immaterial. Annual impairment reviews are undertaken to ensure the carrying value can be supported.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company contributes to an employee personal pension plan. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - 2 ) .

Lees House Limited (Registered number: 04344346)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 September 2024

4. TANGIBLE FIXED ASSETS
Freehold Long Plant and Computer
property leasehold machinery equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 2,408,087 8,250,000 - 1,402 10,659,489
Additions 442,693 358,632 4,265 563 806,153
Disposals (297,688 ) - - - (297,688 )
At 30 September 2024 2,553,092 8,608,632 4,265 1,965 11,167,954
DEPRECIATION
At 1 April 2023 - - - 701 701
Charge for period - - 1,599 737 2,336
At 30 September 2024 - - 1,599 1,438 3,037
NET BOOK VALUE
At 30 September 2024 2,553,092 8,608,632 2,666 527 11,164,917
At 31 March 2023 2,408,087 8,250,000 - 701 10,658,788

Cost or valuation at 30 September 2024 is represented by:

Freehold Long Plant and Computer
property leasehold machinery equipment Totals
£    £    £    £    £   
Valuation in 2017 - 3,555,680 - - 3,555,680
Valuation in 2022 - 650,224 - - 650,224
Cost 2,553,092 4,402,728 4,265 1,965 6,962,050
2,553,092 8,608,632 4,265 1,965 11,167,954

If the leasehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,402,728 4,044,096

The leasehold property was last valued on an open market basis on 31 March 2022 by the directors .

5. STOCKS
2024 2023
£    £   
Work-in-progress 676,131 147,037

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,782 17,876
Other debtors 620,120 2,365,760
Service charge account net assets 14,892 -
Prepayments and accrued income 35,194 38,317
705,988 2,421,953

Included in other debtors is a loan made to Dentons SIPP DR Hill and Dentons SIPP RE Hill. The loan documentation was completed on 30 April 2021. The loan carries interest at 2.75% per annum and is repayable in 36 quarterly instalments. The loan is repayable by 30 April 2031.

Lees House Limited (Registered number: 04344346)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 40,121 36,754
Amounts owed to group undertakings 5,997,464 7,326,276
Corporation tax 4,728 74,606
Other taxes and social security 2,682 16,904
Other creditors 295,184 189,113
Amounts owed to service charge tenants 14,892 -
Directors' current accounts - 1,550
Accruals and deferred income 200,138 230,219
6,555,209 7,875,422

8. LEASE COMMITMENTS

The company is committed to annual lease payments of £76,400 in respect of a long lease which expires in 2108.

9. ULTIMATE CONTROLLING PARTY

The ultimate parent company is L F D Group Limited, a company incorporated in England and Wales.

The directors, Mr D R and Mrs R E Hill, own the entire issued share capital of L F D Group Limited and are therefore the ultimate controlling party.