Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-01falseNo description of principal activity33falsetruefalse 01055226 2023-05-01 2024-04-30 01055226 2022-05-01 2023-04-30 01055226 2024-04-30 01055226 2023-04-30 01055226 1 2023-05-01 2024-04-30 01055226 d:CompanySecretary1 2023-05-01 2024-04-30 01055226 d:Director1 2023-05-01 2024-04-30 01055226 d:Director2 2023-05-01 2024-04-30 01055226 d:Director3 2023-05-01 2024-04-30 01055226 d:RegisteredOffice 2023-05-01 2024-04-30 01055226 c:PlantMachinery 2023-05-01 2024-04-30 01055226 c:PlantMachinery 2024-04-30 01055226 c:PlantMachinery 2023-04-30 01055226 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01055226 c:FurnitureFittings 2023-05-01 2024-04-30 01055226 c:FurnitureFittings 2024-04-30 01055226 c:FurnitureFittings 2023-04-30 01055226 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01055226 c:OfficeEquipment 2023-05-01 2024-04-30 01055226 c:OfficeEquipment 2024-04-30 01055226 c:OfficeEquipment 2023-04-30 01055226 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01055226 c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01055226 c:FreeholdInvestmentProperty 2023-05-01 2024-04-30 01055226 c:FreeholdInvestmentProperty 2024-04-30 01055226 c:FreeholdInvestmentProperty 2023-04-30 01055226 c:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 01055226 c:CurrentFinancialInstruments 2024-04-30 01055226 c:CurrentFinancialInstruments 2023-04-30 01055226 c:Non-currentFinancialInstruments 2024-04-30 01055226 c:Non-currentFinancialInstruments 2023-04-30 01055226 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 01055226 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 01055226 c:Non-currentFinancialInstruments c:AfterOneYear 2024-04-30 01055226 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 01055226 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-04-30 01055226 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-04-30 01055226 c:ShareCapital 2024-04-30 01055226 c:ShareCapital 2023-04-30 01055226 c:RetainedEarningsAccumulatedLosses 2024-04-30 01055226 c:RetainedEarningsAccumulatedLosses 2023-04-30 01055226 c:AcceleratedTaxDepreciationDeferredTax 2024-04-30 01055226 c:AcceleratedTaxDepreciationDeferredTax 2023-04-30 01055226 c:TaxLossesCarry-forwardsDeferredTax 2024-04-30 01055226 c:TaxLossesCarry-forwardsDeferredTax 2023-04-30 01055226 c:OtherDeferredTax 2024-04-30 01055226 c:OtherDeferredTax 2023-04-30 01055226 d:FRS102 2023-05-01 2024-04-30 01055226 d:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 01055226 d:FullAccounts 2023-05-01 2024-04-30 01055226 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01055226 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Registered number: 01055226














LEK PROPERTY DEVELOPMENTS LIMITED





UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024

 
LEK PROPERTY DEVELOPMENTS LIMITED
 

COMPANY INFORMATION


Directors
G W Godwin 
R H Godwin 
S T Godwin 




Company secretary
G W Godwin



Registered number
01055226



Registered office
109 Hammersmith Grove
Hammersmith

London

W6 0NQ




Accountants
AAB Business & Tax Advisory LLP
Chartered Accountants

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
LEK PROPERTY DEVELOPMENTS LIMITED
 

CONTENTS



Page
Directors' Responsibilities Statement
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 11


 
LEK PROPERTY DEVELOPMENTS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 1

 
LEK PROPERTY DEVELOPMENTS LIMITED
REGISTERED NUMBER:01055226

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,448
4,372

Investment property
 5 
17,645,000
17,822,153

  
17,648,448
17,826,525

Current assets
  

Debtors: amounts falling due within one year
 6 
7,725,677
6,788,006

Cash at bank and in hand
 7 
37,704
57,145

  
7,763,381
6,845,151

Creditors: amounts falling due within one year
 8 
(134,237)
(202,351)

Net current assets
  
 
 
7,629,144
 
 
6,642,800

Total assets less current liabilities
  
25,277,592
24,469,325

Creditors: amounts falling due after more than one year
 9 
(13,600,000)
(12,300,500)

Provisions for liabilities
  

Deferred tax
 11 
(1,312,349)
(1,630,705)

  
 
 
(1,312,349)
 
 
(1,630,705)

Net assets
  
10,365,243
10,538,120


Capital and reserves
  

Called up share capital 
  
246
246

Profit and loss account
  
10,364,997
10,537,874

  
10,365,243
10,538,120


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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
LEK PROPERTY DEVELOPMENTS LIMITED
REGISTERED NUMBER:01055226

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S T Godwin
Director

Date: 30 April 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
LEK PROPERTY DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

LEK Property Developments Limited is a private company, limited by shares and incorporated in England and Wales whose registered office is 109 Hammersmith Grove, Hammersmith, London, W6 0NQ.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next  12  months.  The  directors,  therefore,  have  made  an  informed  judgement,  at  the  time  of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements

 
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:

 
2.4

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.

 
2.5

Borrowing costs

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

Page 4

 
LEK PROPERTY DEVELOPMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 5

 
LEK PROPERTY DEVELOPMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Employees

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

Page 6

 
LEK PROPERTY DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
7,283
6,350
458
14,091


Additions
-
1,450
-
1,450



At 30 April 2024

7,283
7,800
458
15,541



Depreciation


At 1 May 2023
5,957
3,542
220
9,719


Charge for the year on owned assets
552
1,708
114
2,374



At 30 April 2024

6,509
5,250
334
12,093



Net book value



At 30 April 2024
774
2,550
124
3,448



At 30 April 2023
1,326
2,808
238
4,372

Page 7

 
LEK PROPERTY DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
17,822,153


Additions at cost
199,500


Surplus on revaluation
(376,653)



At 30 April 2024
17,645,000

The 2024 valuations were made by Savills, on an open market value for existing use basis.



At 30 April 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
10,037,228
9,837,728

Valuation
7,607,772
7,984,425

17,645,000
17,822,153


6.


Debtors

2024
2023
£
£


Other debtors
7,718,179
6,716,714

Prepayments and accrued income
7,498
71,292

7,725,677
6,788,006



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
37,704
57,145

37,704
57,145


Page 8

 
LEK PROPERTY DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
100,000
100,000

Trade creditors
4,429
-

Corporation tax
-
57,136

Other creditors
29,808
42,215

Accruals and deferred income
-
3,000

134,237
202,351



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,950,000
5,850,000

Other creditors
6,650,000
6,450,500

13,600,000
12,300,500


Page 9

 
LEK PROPERTY DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
100,000
100,000


100,000
100,000

Amounts falling due 1-2 years

Bank loans
6,950,000
5,850,000


6,950,000
5,850,000



7,050,000
5,950,000


At the start of the year a £6m facility was in place with Handlesbanken PLC. The facility attracts interest at 2.35% above the Bank of England base rate with 8.334% being repayable by way of quarterly installments during the term of the facility and 91.666% is to be repaid on the maturity  date,  being five years from the date on which the loan  is  made. The bank has the right  to ask for the loan  to be repaid on the third anniversary of the date on which the loan is made.
During the year the company has entered into a £1.2m loan facility with Together. Interest is charged at 12% per annum. 
In August 2024, LEK Property Developments Ltd and a related company, Agate Properties Ltd, completed a refinancing and a loan with Aldermore bank was obtained on a 5 year term. This refinanced all loans held by the company at the year end.

Page 10

 
LEK PROPERTY DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Deferred taxation




2024


£






At beginning of year
1,630,705


Charged to profit or loss
(318,356)



At end of year
1,312,349

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
500
-

Tax losses carried forward
(21,609)
-

Capital gains
1,333,458
1,630,705

1,312,349
1,630,705


12.


Related party transactions

As at 30 April 2024 the Company was owed £7,654,325 (2023: £6,709,999) by companies under
common control.
As at 30 April 2024 the Company owed £6,650,000 (2023: £6,450,500) to the directors.


13.


Post balance sheet events

In August 2024, LEK Property Developments Ltd and a related company, Agate Properties Ltd, completed a refinancing and a loan with Aldermore bank was obtained on a 5 year term. This refinanced all loans held by the company at the year end.


14.


Controlling party

There is no one ultimate controlling party.

Page 11