Registered number
02692019
Leazes Arcade Limited
Unaudited Filleted Accounts
26 May 2024
Leazes Arcade Limited
Registered number: 02692019
Balance Sheet
as at 26 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,312,709 5,302,830
Investments 4 2 2
5,312,711 5,302,832
Current assets
Debtors 5 571,996 818,765
Cash at bank and in hand 350,658 252,973
922,654 1,071,738
Creditors: amounts falling due within one year 6 (2,809,181) (3,278,606)
Net current liabilities (1,886,527) (2,206,868)
Total assets less current liabilities 3,426,184 3,095,964
Creditors: amounts falling due after more than one year 7 (1,538,974) (1,534,423)
Provisions for liabilities (53,582) (53,582)
Net assets 1,833,628 1,507,959
Capital and reserves
Called up share capital 4 4
Revaluation reserve 8 66,575 66,575
Profit and loss account 1,767,049 1,441,380
Shareholders' funds 1,833,628 1,507,959
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.
M Ajaib
Director
Approved by the board on 21 August 2025
Leazes Arcade Limited
Notes to the Accounts
for the period from 28 May 2023 to 26 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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:
Lease premium over 99 years
Lease premium Over terms of the lease of 999 years
Plant and equipment 20% straight line
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 23 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 28 May 2023 5,346,112 184,765 - 5,530,877
Additions - 4,517 28,000 32,517
At 26 May 2024 5,346,112 189,282 28,000 5,563,394
Depreciation
At 28 May 2023 75,132 152,915 - 228,047
Charge for the period 5,751 9,887 7,000 22,638
At 26 May 2024 80,883 162,802 7,000 250,685
Net book value
At 26 May 2024 5,265,229 26,480 21,000 5,312,709
At 27 May 2023 5,270,980 31,850 - 5,302,830
Freehold land and buildings: 2024 2023
£ £
Historical cost 3,215,645 3,215,645
Cumulative depreciation based on historical cost - -
3,215,645 3,215,645
The company holds properties that are carried at market value. The properties were valued on 21 May 2023 by the director.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 28 May 2023 2
At 26 May 2024 2
5 Debtors 2024 2023
£ £
Other debtors 571,996 818,765
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 37,497 37,497
Trade creditors 39,316 36,880
Corporation tax 215,809 166,127
Other taxes and social security costs (14,790) 10,044
Other creditors 2,531,349 3,028,058
2,809,181 3,278,606
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,538,974 1,534,423
8 Revaluation reserve 2024 2023
£ £
At 28 May 2023 66,575 66,575
At 26 May 2024 66,575 66,575
9 Other information
Leazes Arcade is a private company limited by shares and incorporated in England. The registered office is:
Shortflatt Tower
Belsay
Newcastle upon Tyne
NE20 0HD
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