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COMPANY REGISTRATION NUMBER: 02827143
A C Leigh (Norwich) Limited
Unaudited financial statements
31 December 2024
A C Leigh (Norwich) Limited
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
623,692
625,266
Investments
6
1,101
1,101
---------
---------
624,793
626,367
Current assets
Stocks
777,536
906,502
Debtors
7
1,548,577
1,694,784
Cash at bank and in hand
1,837,602
1,428,392
-----------
-----------
4,163,715
4,029,678
Creditors: Amounts falling due within one year
8
( 560,087)
( 737,284)
-----------
-----------
Net current assets
3,603,628
3,292,394
-----------
-----------
Total assets less current liabilities
4,228,421
3,918,761
Provisions
Taxation including deferred tax
( 57,113)
( 22,135)
Accruals and deferred income
( 191,950)
( 158,686)
-----------
-----------
Net assets
3,979,358
3,737,940
-----------
-----------
Capital and reserves
Called up share capital
9
6,000
6,000
Capital redemption reserve
93,000
93,000
Profit and loss account
3,880,358
3,638,940
-----------
-----------
Shareholders funds
3,979,358
3,737,940
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A C Leigh (Norwich) Limited
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
J Millar
Director
Company registration number: 02827143
A C Leigh (Norwich) Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 67 St Benedicts Street, Norwich, Norfolk, NR2 4PD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
30% reducing balance
Computer Equipment
-
30% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 52 (2023: 49 ).
5. Tangible assets
Freehold investment property
Long leasehold property
Fixtures and fittings
Motor vehicles
Computer Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
186,993
142,293
116,873
555,956
52,799
1,054,914
Additions
33,466
113,788
9,748
157,002
Disposals
( 67,829)
( 67,829)
---------
---------
---------
---------
-------
-----------
At 31 Dec 2024
186,993
142,293
150,339
601,915
62,547
1,144,087
---------
---------
---------
---------
-------
-----------
Depreciation
At 1 Jan 2024
106,287
77,186
208,492
37,683
429,648
Charge for the year
1,943
20,545
114,738
1,933
139,159
Disposals
( 48,412)
( 48,412)
---------
---------
---------
---------
-------
-----------
At 31 Dec 2024
108,230
97,731
274,818
39,616
520,395
---------
---------
---------
---------
-------
-----------
Carrying amount
At 31 Dec 2024
186,993
34,063
52,608
327,097
22,931
623,692
---------
---------
---------
---------
-------
-----------
At 31 Dec 2023
186,993
36,006
39,687
347,464
15,116
625,266
---------
---------
---------
---------
-------
-----------
6. Investments
Shares in group undertakings
£
Cost
At 1 Jan 2024 and 31 Dec 2024
1,101
------
Impairment
At 1 Jan 2024 and 31 Dec 2024
------
Carrying amount
At 31 Dec 2024
1,101
------
At 31 Dec 2023
1,101
------
7. Debtors
2024
2023
£
£
Trade debtors
654,707
292,866
Prepayments and accrued income
52,763
49,526
Directors loan account
12,200
15,200
Other debtors
828,907
1,337,192
-----------
-----------
1,548,577
1,694,784
-----------
-----------
Included in other debtors is an amount of £403,979 (2023: £404,666) that is receivable in over one year from the reporting date.
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
277,838
310,449
Amounts owed to group undertakings
101
101
Social security and other taxes
257,955
384,967
Other creditors
24,193
41,767
---------
---------
560,087
737,284
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
6,000
6,000
6,000
6,000
------
------
------
------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
22,000
22,000
Later than 1 year and not later than 5 years
18,333
40,333
-------
-------
40,333
62,333
-------
-------
11. Directors' advances, credits and guarantees
At the year end, the amount owed to the company by directors was £12,200 (2023: £15,200). The total amount advanced to directors during the year was £2,000 (2023: £15,750). The total amount repaid was £5,000 (2023: £11,890). No interest has been charged on the loans and the loans are repayable on demand.