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REGISTERED NUMBER: 08044252 (England and Wales)















Les Reed Clearance Services Ltd

Unaudited Financial Statements for the Year Ended 31 March 2024






Les Reed Clearance Services Ltd (Registered number: 08044252)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Les Reed Clearance Services Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: L J Reed





REGISTERED OFFICE: 8 James Street
Sheerness
Kent
ME12 2QE





REGISTERED NUMBER: 08044252 (England and Wales)





ACCOUNTANTS: Foreman Waller
Chartered Accountants
1 High Street
Sheerness
Kent
ME12 1NY

Les Reed Clearance Services Ltd (Registered number: 08044252)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 76,392 83,272

CURRENT ASSETS
Debtors 5 10,130 8,133

CREDITORS
Amounts falling due within one year 6 58,073 38,152
NET CURRENT LIABILITIES (47,943 ) (30,019 )
TOTAL ASSETS LESS CURRENT LIABILITIES 28,449 53,253

CREDITORS
Amounts falling due after more than one
year

7

(35,961

)

(45,367

)

PROVISIONS FOR LIABILITIES - (1,243 )
NET (LIABILITIES)/ASSETS (7,512 ) 6,643

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (7,514 ) 6,641
SHAREHOLDERS' FUNDS (7,512 ) 6,643

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Les Reed Clearance Services Ltd (Registered number: 08044252)

Statement of Financial Position - continued
31 March 2024


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 May 2025 and were signed by:





L J Reed - Director


Les Reed Clearance Services Ltd (Registered number: 08044252)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Les Reed Clearance Services Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements - going concern
When preparing the financial statements, the director has assessed whether there are significant doubts about the company's ability to continue as a going concern, particularly as there are net current liabilities. There are no material uncertainties of which the director is aware in making his assessment.

Other creditors include £23,218 owed to the director. He has indicated that repayment will only be sought when cash flow and profitability allow. Therefore, the director considers that the company has sufficient cash reserves to enable it to meet its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements. As such, he is satisfied that the company has adequate resources to continue to operate for the foreseeable future and he continues to adopt the going concern basis for preparing these financial statements.

Income recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to and from banks, other third parties and related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss.

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

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted by the statement of financial position date.

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

Les Reed Clearance Services Ltd (Registered number: 08044252)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 55,732 50,975 106,707
DEPRECIATION
At 1 April 2023 - 23,435 23,435
Charge for year - 6,880 6,880
At 31 March 2024 - 30,315 30,315
NET BOOK VALUE
At 31 March 2024 55,732 20,660 76,392
At 31 March 2023 55,732 27,540 83,272

Included in cost of land and buildings is freehold land of £ 55,732 (2023 - £ 55,732 ) which is not depreciated.

Les Reed Clearance Services Ltd (Registered number: 08044252)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 48,350
DEPRECIATION
At 1 April 2023 20,911
Charge for year 6,860
At 31 March 2024 27,771
NET BOOK VALUE
At 31 March 2024 20,579
At 31 March 2023 27,439

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,307 960
Other debtors 6,823 7,173
10,130 8,133

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,034 10,149
Hire purchase contracts and finance leases 5,715 5,684
Trade creditors 3,467 2,556
Taxation and social security 15,321 6,855
Other creditors 25,536 12,908
58,073 38,152

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 21,146 24,737
Hire purchase contracts and finance leases 14,815 20,630
35,961 45,367

Les Reed Clearance Services Ltd (Registered number: 08044252)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 5,181 9,425

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts and finance leases 20,530 26,314