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Registration number: 00382037

Guy,Leonard & Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Guy,Leonard & Co Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Guy,Leonard & Co Limited

Company Information

Directors

Mr David Foa

Mrs Anne Foa

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Guy,Leonard & Co Limited

(Registration number: 00382037)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,119

6,156

Investment property

5

6,500,000

6,500,000

 

6,507,119

6,506,156

Current assets

 

Debtors

6

113,329

113,192

Cash at bank and in hand

 

48,842

58,209

 

162,171

171,401

Creditors: Amounts falling due within one year

7

(131,277)

(139,200)

Net current assets

 

30,894

32,201

Total assets less current liabilities

 

6,538,013

6,538,357

Provisions for liabilities

(1,401,972)

(1,401,731)

Net assets

 

5,136,041

5,136,626

Capital and reserves

 

Called up share capital

3,000

3,000

Other reserves

4,989,891

4,989,891

Retained earnings

143,150

143,735

Shareholders' funds

 

5,136,041

5,136,626

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 29 July 2025 and signed on its behalf by:
 

 

Guy,Leonard & Co Limited

(Registration number: 00382037)
Balance Sheet as at 31 October 2024

.........................................
Mr David Foa
Director

 

Guy,Leonard & Co Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

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.

 

Guy,Leonard & Co Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold Property

Not Depreciated

Office Equipment

33.3% straightline

Plant & Machinery

25% straightline

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific assset. Changes in fair value are recognised in profit or loss.

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.

 

Guy,Leonard & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 directors) during the year, was 7 (2023 - 6).

 

Guy,Leonard & Co Limited

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

4

Tangible assets

Office equipment
£

Plant & machinery
£

Total
£

Cost or valuation

At 1 November 2023

15,612

8,105

23,717

Additions

5,186

731

5,917

Disposals

(12,347)

(3,682)

(16,029)

At 31 October 2024

8,451

5,154

13,605

Depreciation

At 1 November 2023

12,773

4,788

17,561

Charge for the year

3,666

1,288

4,954

Eliminated on disposal

(12,347)

(3,682)

(16,029)

At 31 October 2024

4,092

2,394

6,486

Carrying amount

At 31 October 2024

4,359

2,760

7,119

At 31 October 2023

2,839

3,317

6,156

5

Investment properties

2024
£

At 1 November

6,500,000

At 31 October

6,500,000

The property was valued by the Directors at £6,500,000 as at the year end. Had this class of asset been measured on a Fair value revalution basis, the cost would have been £85,755 (2023: £85,755), whilst the depreciation on this historical cost would have been £nil (2023: £nil).

 

Guy,Leonard & Co Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

2,827

3,655

Other debtors

107,160

107,159

Prepayments and accrued income

3,342

2,378

Total current trade and other debtors

113,329

113,192

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

8,419

Trade creditors

 

2,043

1,675

Taxation and social security

 

10,894

18,284

Other creditors

 

98,458

79,672

Accrued expenses

 

3,009

3,116

Deferred income

 

16,873

28,034

 

131,277

139,200

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

8,419