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Filleted
Registration number: 04714338

Lee White Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Lee White Consulting Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

Lee White Consulting Limited

Company Information

Director

Mr Lee White

Registered office

Watchmakers Cottage
3 High Street
Narberth
Pembrokeshire
SA67 7AR

Accountants

LHP Tenby
Chartered Certified AccountantsBarclays Bank Chambers
18 High Street
High Street
Tenby
Pembrokeshire
SA70 7HD

 

Lee White Consulting Limited

(Registration number: 04714338)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,124

2,565

Current assets

 

Debtors

6

41,663

12,507

Cash at bank and in hand

 

52,249

66,370

 

93,912

78,877

Creditors: Amounts falling due within one year

7

(71,913)

(65,297)

Net current assets

 

21,999

13,580

Total assets less current liabilities

 

23,123

16,145

Provisions for liabilities

(545)

(487)

Net assets

 

22,578

15,658

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

22,576

15,656

Shareholders' funds

 

22,578

15,658

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

Director's 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 director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 March 2025
 

.........................................
Mr Lee White
Director

   
     
 

Lee White Consulting Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

2

15,656

15,658

Profit for the year

-

64,766

64,766

Dividends

-

(57,846)

(57,846)

At 31 July 2024

2

22,576

22,578

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

2

5,939

5,941

Profit for the year

-

60,789

60,789

Dividends

-

(51,072)

(51,072)

At 31 July 2023

2

15,656

15,658

 

Lee White Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Watchmakers Cottage
3 High Street
Narberth
Pembrokeshire
SA67 7AR

These financial statements were authorised for issue by the director on 31 March 2025.

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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

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 rate on the date when the fair value is re-measured.

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 profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Lee White Consulting Limited

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

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

15% Reducing balance

Goodwill

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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

Lee White Consulting Limited

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

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 subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Lee White Consulting Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

1,243

1,243

At 31 July 2024

1,243

1,243

Amortisation

Amortisation charge

1,243

1,243

At 31 July 2024

1,243

1,243

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

20,636

20,636

Disposals

(10,000)

(10,000)

At 31 July 2024

10,636

10,636

Depreciation

At 1 August 2023

18,071

18,071

Charge for the year

198

198

Eliminated on disposal

(8,757)

(8,757)

At 31 July 2024

9,512

9,512

Carrying amount

At 31 July 2024

1,124

1,124

At 31 July 2023

2,565

2,565

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

36,163

876

Amounts owed by related parties

9

5,500

11,500

Other debtors

 

-

131

   

41,663

12,507

 

Lee White Consulting Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Taxation and social security

 

638

-

Other related parties

 

49,759

48,790

Other creditors

 

2,751

1,832

Corporation tax liability

 

18,765

14,675

 

71,913

65,297

 

Lee White Consulting Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Repayments by director
£

At 31 July 2024
£

Mr Lee White

Interest free loan repayable on demand

(48,858)

(402)

(49,260)

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

Mr Lee White

Interest free loan repayable on demand

(48,546)

(312)

(48,858)

Summary of transactions with other related parties

Whites Boutique Ltd is considered to be a related party of Lee White Consulting Ltd by virtue of a common director.

As at the balance sheet date Whites Boutique Ltd owed the entity £5,500 (2023: £11,500)