Registered number
01418948
Francis Lee Estates Ltd
Unaudited Filleted Accounts
30 September 2024
Francis Lee Estates Ltd
Registered number: 01418948
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 4,200 -
Tangible assets 5 3,237 2,525
Investments 6 30,589 30,589
38,026 33,114
Current assets
Debtors 7 34,215 41,467
Cash at bank and in hand 171,131 220,962
205,346 262,429
Creditors: amounts falling due within one year 8 (26,287) (46,852)
Net current assets 179,059 215,577
Total assets less current liabilities 217,085 248,691
Provisions for liabilities (809) -
Net assets 216,276 248,691
Capital and reserves
Called up share capital 2,290 2,290
Share premium 21,900 21,900
Profit and loss account 192,086 224,501
Shareholders' funds 216,276 248,691
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Kaye
Director
Approved by the board on 24.06.2025
Francis Lee Estates Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
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).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill over 5 years
Website over 5 years
Tangible fixed assets
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:
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Consolidated accounts
The company and its subsidiary are a small group, and in accordance with exemptions in S.383 of the Companies Act 2006 of the Small Companies Regime, consolidated accounts have not been prepared.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2024 2023
£ £
Impairment of subsidiary - 23,000
- 23,000
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
4 Intangible fixed assets £
Cost
Goodwill Website
At 1 October 2023 15,000 15,000
Additions 5,250 5,250
Disposals -
At 30 September 2024 15,000 5,250 20,250
Amortisation
At 1 October 2023 15,000 15,000
Provided during the year 1,050 1,050
On disposals -
At 30 September 2024 15,000 1,050 16,050
Net book value
At 30 September 2024 0 4,200 4,200
At 30 September 2023 0 - -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years. Website is being amortised over 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 313 94,420 94,733
Additions - 1,791 1,791
At 30 September 2024 313 96,211 96,524
Depreciation
At 1 October 2023 312 91,896 92,208
Charge for the year - 1,079 1,079
At 30 September 2024 312 92,975 93,287
Net book value
At 30 September 2024 1 3,236 3,237
At 30 September 2023 1 2,524 2,525
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 October 2023 1,000 29,589 30,589
Revaluation - - -
At 30 September 2024 1,000 29,589 30,589
Historical cost
At 1 October 2023 24,000 29,589
At 30 September 2024 24,000 29,589
The investment in the subsidiary was revalued at the year end by the Director, to be restated at it's market value.
7 Debtors 2024 2023
£ £
Trade debtors 27,671 25,191
Amounts owed by group undertakings and undertakings in which the company has a participating interest 6,544 13,997
Other debtors - 2,279
34,215 41,467
Amounts due after more than one year included above - -
8 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 21,253 44,387
Other creditors 5,034 2,465
26,287 46,852
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 19,419 -
10 Related party transactions
At the end of the year the company was owed £6,544 by it's subsidiary (2023 - £13,997.) This loan is repayable on demand and no interest is charged.
11 Controlling party
The company was controlled by L Kaye, who has a controlling stake.
12 Other information
Francis Lee Estates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, The Old Farmhouse
Stansted Courtyard
Parsonage Road
Takeley
CM22 6PU
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