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Registered number: 07673425
Lees Property and Design Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
A K E Tax & Accountancy Ltd
Chartered Certified Accountants
Hoddesdon Enterprise Centre
Pindar Road
Hoddesdon
Hertfordshire
EN11 0FJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07673425
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 38,917 13,189
Investments 5 15,645 15,645
54,562 28,834
CURRENT ASSETS
Debtors 6 164,026 25,875
Cash at bank and in hand 48,029 181,610
212,055 207,485
Creditors: Amounts Falling Due Within One Year 7 (46,350 ) (52,930 )
NET CURRENT ASSETS (LIABILITIES) 165,705 154,555
TOTAL ASSETS LESS CURRENT LIABILITIES 220,267 183,389
NET ASSETS 220,267 183,389
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account 220,257 183,379
SHAREHOLDERS' FUNDS 220,267 183,389
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S J Lees
Director
3 March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lees Property and Design Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07673425 . The registered office is 37 Blakemere Road, Welwyn Garden City, AL8 7PQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised in the period the services are provided.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold No dep
Leasehold 10% straight line
Plant & Machinery 10% reducing balance
Fixtures & Fittings 33.33% straight line
2.4. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.5. Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2.6. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.7. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.8. Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 6,500 8,107 5,615 20,222
Additions 27,883 - 3,973 31,856
As at 30 June 2024 34,383 8,107 9,588 52,078
Depreciation
As at 1 July 2023 - 3,161 3,872 7,033
Provided during the period 3,439 494 2,195 6,128
As at 30 June 2024 3,439 3,655 6,067 13,161
Net Book Value
As at 30 June 2024 30,944 4,452 3,521 38,917
As at 1 July 2023 6,500 4,946 1,743 13,189
5. Investments
Other
£
Cost
As at 1 July 2023 15,645
As at 30 June 2024 15,645
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 15,645
As at 1 July 2023 15,645
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 164,026 25,875
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 9,232 18,098
Taxation and social security 37,118 34,832
46,350 52,930
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
9. Related Party Transactions
S Lees
The above is the director of the company.
During the year, the director incurred expenses on behalf of the company and drew against his account.
At the balance sheet date, he owed £126,889 (2023: £2,961) to the company.
No interest was charged on this loan during the period.
A Lees
The above is a shareholder of the company.
At the balance sheet date the related party was owed £2,255 (2023: £3,590) by the company.
No interest has been charged on this loan during the period.
ASAP Projects Limited
The above is a related party due to the director S Lees being a shareholder in the above.
At the balance sheet date the related party was owed by the company £Nil (2023: £4,653).
No interest has been charged on this loan during the year.
Lees Architects LLP
The above is a related party due to the company being a partner in the above.
During the period the company paid expenses on behalf of the related party and received repayments of loans.
At the balance sheet date the related party owed the company £37,469 (2023: £24,665).
No interest has been charged on this loan during the period.
10. Ultimate Controlling Party
The ultimate controlling party is S Lees by virtue of his majority shareholding.
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