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Registered Number: 10538719
England and Wales

 

 

 

LEYTON HOMES LTD



Unaudited Financial Statements
 


Period of accounts

Start date: 30 September 2023

End date: 28 September 2024

LEYTON HOMES LTD
Contents Page
For the year ended 28 September 2024
Director Jamal RANA
Registered Number 10538719
Registered Office 3 Brooks Parade
Green Lane
Ilford
Essex
IG3 9RT
1
 
 		 Notes
 		 2024
£		   2023
£
Current assets      
Stocks 3 485,000    680,000 
Debtors: amounts falling due after one year 4 288,616    293,649 
Cash at bank and in hand 214    1,184 
773,830    974,833 
Creditors: amount falling due within one year 5 (9,394)   (8,394)
Net current assets 764,436    966,439 
 
Total assets less current liabilities 764,436    966,439 
Creditors: amount falling due after more than one year 6 (918,000)   (1,073,111)
Net assets (153,564)   (106,672)
 

Capital and reserves 		     
Called up share capital 7 100    100 
Share premium account 8 421,994    421,994 
Profit and loss account (575,658)   (528,766)
Shareholders' funds (153,564)   (106,672)
 


For the year ended 28 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 26 September 2025 and were signed by:


-------------------------------
Jamal RANA
Director
2
General Information
LEYTON HOMES LTD is a private company, limited by shares, registered in England and Wales, registration number 10538719, registration address 3 Brooks Parade, Green Lane, Ilford, Essex, IG3 9RT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over years during which the company is expected to benefit.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Stocks

2024
£		   2023
£
Stocks 485,000    680,000 
485,000    680,000 

4.

Debtors: amounts falling due after one year

2024
£		   2023
£
Prepayments 300    300 
Other Debtors 288,316    293,349 
288,616    293,649 

5.

Creditors: amount falling due within one year

2024
£		   2023
£
Trade Creditors 6,894    6,894 
Accrued Expenses 2,500    1,500 
9,394    8,394 

6.

Creditors: amount falling due after more than one year

2024
£		   2023
£
Bank Loans & Overdrafts (secured) 266,218    361,027 
Bank Loans & Overdrafts 27,397    33,815 
Other Creditors 355,376    355,376 
Directors' Loan Accounts 269,009    322,893 
918,000    1,073,111 

7.

Share Capital

Allotted, called up and fully paid
2024
£		   2023
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

8.

Share premium account

2024
£		   2023
£
Equity Share Premium b/fwd 421,994    421,994 
421,994    421,994 

9.

Prior Period Adjustment – Correction of Error

In the financial statements for the year ended 30 September 2022, inventory relating to unsold apartments was incorrectly treated as a revaluation gain. A balance of £680,000 was credited to a Revaluation Reserve within equity rather than being recognised as inventory at cost and offset through cost of sales.

In accordance with FRS 102 Section 10 Accounting Policies, Estimates and Errors, the error has been corrected by restating the comparative figures. The correction has no impact on total equity or net assets, but it affects the presentation of reserves.

The impact of the correction is summarised below:

At 1 October 2022 (opening balance sheet):
    o Decrease in Revaluation Reserve: £680,000
    o Decrease in Accumulated Losses: £680,000

At 29 September 2023 (comparatives):
    o Inventory of £680,000 continues to be recognised at cost.
    o Revaluation Reserve restated to £nil (2023 previously £680,000).
    o Accumulated Losses restated to £462,106 (2023 previously £1,142,106).
There was no effect on turnover, net assets, or cash flows for either year.
10.

Reclassification and Comparative Figures

Certain reclassifications have been made to the prior years financial statements to enhance comparability with the current years financial statements. As a result, certain line items have been amended in the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity and statements of cash flow, and the related notes to the financial statements. Comparative figures have been adjusted to conform to the current years presentation.
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