Lesley Developments Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI654313

Lesley Developments Limited

Filleted Financial Statements

31 December 2024

Lesley Developments Limited

Financial Statements

Period from 30 December 2023 to 31 December 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Lesley Developments Limited

Officers and Professional Advisers

The board of directors	Mr M A Herbert
	Mrs L E Herbert
	Mr J A Carlisle

Company secretary	Mr Jason Carlisle

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	Northern Ireland
	BT9 5FL

Auditor	Maneely Mc Cann Chartered Accountants
	Chartered accountants & statutory auditor
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Ulster Bank Limited
	11-16 Donegall Square East
	Belfast
	BT1 5UB

Lesley Developments Limited

Statement of Financial Position

31 December 2024

	31 Dec 24	29 Dec 23
Note	£	£

Fixed assets

Intangible assets	5	950,000	–
Tangible assets	6	346,700	–
		------------	----
		1,296,700	–

Current assets

Stocks		260,976	260,976
Debtors	7	3,953,623	4,855,719
Cash at bank and in hand		2,451	1,744
		------------	------------
		4,217,050	5,118,439

Creditors: amounts falling due within one year	8	685,495	207,477
		------------	------------
Net current assets		3,531,555	4,910,962
		------------	------------
Total assets less current liabilities		4,828,255	4,910,962

Creditors: amounts falling due after more than one year	9	4,796,851	4,407,961
		------------	------------
Net assets		31,404	503,001
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	31,304	502,901
	--------	---------
Shareholders funds	31,404	503,001
	--------	---------

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 income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:

Mr J A Carlisle

Director

Company registration number: NI654313

Lesley Developments Limited

Notes to the Financial Statements

Period from 30 December 2023 to 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Intangible assets are not amortised.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. 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:

Plant and machinery	-	20% straight line
Motor vehicles	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Work in Progress Sites for development are valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provisions are made for foreseeable losses where appropriate. No element of profit is included in the valuation for the site development.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 persons employed by the company during the period amounted to 5 (2023: 5 ).

5. Intangible assets

	Registration
	£
Cost
Additions	950,000
	---------
At 31 December 2024	950,000
	---------
Amortisation
At 30 December 2023 and 31 December 2024	–
	---------
Carrying amount
At 31 December 2024	950,000
	---------
At 29 December 2023	–
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 30 December 2023	–	–	–
Additions	12,522	377,480	390,002
	--------	---------	---------
At 31 December 2024	12,522	377,480	390,002
	--------	---------	---------
Depreciation
At 30 December 2023	–	–	–
Charge for the period	835	42,467	43,302
	--------	---------	---------
At 31 December 2024	835	42,467	43,302
	--------	---------	---------
Carrying amount
At 31 December 2024	11,687	335,013	346,700
	--------	---------	---------
At 29 December 2023	–	–	–
	--------	---------	---------

7. Debtors

	31 Dec 24	29 Dec 23
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,939,276	4,381,829
Other debtors	14,347	473,890
	------------	------------
	3,953,623	4,855,719
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	31 Dec 24	29 Dec 23
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,939,276	4,381,829
	------------	------------

8. Creditors: amounts falling due within one year

	31 Dec 24	29 Dec 23
	£	£
Trade creditors	3,274	13,812
Social security and other taxes	188,533	167,247
Other creditors	493,688	26,418
	---------	---------
	685,495	207,477
	---------	---------

9. Creditors: amounts falling due after more than one year

	31 Dec 24	29 Dec 23
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,796,851	4,407,961
	------------	------------

10. Summary audit opinion

The auditor's report dated 23 April 2025 was unqualified .

The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .

11. Directors' advances, credits and guarantees

During the period the directors entered into the following advances and credits with the company:

	31 Dec 24
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M A Herbert	–	( 465,960)	( 465,960)
	----	---------	---------

	29 Dec 23
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M A Herbert	–	–	–
	----	----	----

12. Related party transactions

The company is a wholly owned subsidiary of Kirk Bryson & Co Limited, a company incorporated in Northern Ireland, which is a wholly owned subsidiary of Herbel Limited, a company incorporated in Northern Ireland. Herbel Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales which is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company registered in Northern Ireland. Herbert Corporate Holdings Limited is a wholly owned subsidiary of of Herbert Corporate Holdings (IOM) Limited, a company incorporated in Isle of Man. Mrs L E Herbert is the shareholder of Herbert Corporate Holdings (IOM) Limited and as such is considered to be the ultimate controlling party of the company. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 33 Related Party Disclosures.

13. Controlling party

Herbert Corporate Holdings (IOM) Limited is the company's ultimate parent company. Copies of the consolidated financial statements may be obtained from Ground Floor, Dorchester House, Belmont Hill, Douglas, Isle of Man, IM1 4RE.