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Registered number: 13305869










LEIGH PARK ROAD DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
LEIGH PARK ROAD DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13305869

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
5,425,040
1,781,964

Debtors: amounts falling due within one year
 5 
12,901
1,581

Cash at bank and in hand
 6 
516
100

  
5,438,457
1,783,645

Creditors: amounts falling due within one year
 7 
(5,552,705)
(1,768,059)

Net current (liabilities)/assets
  
 
 
(114,248)
 
 
15,586

Total assets less current liabilities
  
(114,248)
15,586

  

Net (liabilities)/assets
  
(114,248)
15,586


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(114,348)
15,486

  
(114,248)
15,586


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2024.




S Tappenden
J Tappenden
Director
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
LEIGH PARK ROAD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Leigh Park Road Developments Limited is a private company, limited by shares, domiciled in England and Wales, registration number 13305869. The registered office is Kingsridge House, 601 London Road, Westcliff on Sea, Essex SS0 9PE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts record a loss for the year of £129,83 and a balance sheet deficit of £114,248. The directors forecast that the company will generate profits in excess of this deficit on the current development site. Furthermore, the creditors of the company have continued to support it and the directors are of the opinion they will continue to do so.
Consequently, the directors consider it appropriate to prepare these accounts on a going concern basis.

Page 2

 
LEIGH PARK ROAD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.5

Stock and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value. Costs include all direct costs and an appropriate proportion of fixed and variable overheads.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
LEIGH PARK ROAD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
LEIGH PARK ROAD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 
Revenue recognition for long term contracts and work in progress is recognised by reference to the stage of completion of the contract which is subject to estimation uncertainty. 


4.


Employees

2024
2023
£
£

Wages and salaries
-
7,602

Social security costs
-
976

Cost of defined contribution scheme
-
29

-
8,607


The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


5.


Debtors

2024
2023
£
£


Other debtors
12,901
1,581



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
516
100


Page 5

 
LEIGH PARK ROAD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,369,806
-

Trade creditors
168,781
9,486

Corporation tax
3,890
3,890

Other creditors
3,006,572
1,751,707

Accruals and deferred income
3,656
2,976

5,552,705
1,768,059


The following liabilities were secured:

2024
2023
£
£



Bank loans
2,369,806
-

2,369,806
-

Details of security provided:

The bank loans figure described above is secured by fixed charges on the respective development sites and legal debenture on the company's assets and the undertaking. 


8.


Related party transactions

These financial statements include the transactions and balances listed below with the following:
A company under common control: Other creditors £792,678 (2023 : £976,025).


Page 6