REGISTERED NUMBER: 06868279 (England and Wales)

LEE WAKEMANS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Hughes

K Parry

P Wong

REGISTERED OFFICE:

8 Neptune Court

Vanguard Way

Ocean Park

Cardiff

SOUTH GLAMORGAN

CF24 5PJ

REGISTERED NUMBER:

06868279 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

118,846

155,897

118,846

155,897

CURRENT ASSETS

Stocks and work in progress

20,000

20,450

Debtors

6

361,229

582,498

Cash at bank and in hand

35,334

154,415

416,563

757,363

CREDITORS

Amounts falling due within one year

7

182,084

172,416

NET CURRENT ASSETS

234,479

584,947

TOTAL ASSETS LESS CURRENT LIABILITIES

353,325

740,844

CREDITORS

Amounts falling due after more than one year

8

(76,151

)

(84,038

)

PROVISIONS FOR LIABILITIES

12

(24,141

)

(32,976

)

NET ASSETS

253,033

623,830

CAPITAL AND RESERVES

Called up share capital

13

1

1

Share premium

999

999

Retained earnings

252,033

622,830

SHAREHOLDERS' FUNDS

253,033

623,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

M Hughes - Director

1.	STATUTORY INFORMATION

Lee Wakemans Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making this assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Management makes an estimate of the recoverable value of trade and other debtors. When assessing these balances for impairment, management considers a range of factors including the current credit rating of the debtor, ageing profile as well as historical experience.

Significant judgements and estimates

In assessing the recoverability of balances with connected companies, management periodically reviews the financial of these entities to gain assurance as to the recoverability.

Useful economic lives of tangible assets - The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the tangible fixed assets and accounting policies in note 2 for the useful economic lives of each class of asset.

Turnover

Rendering of services

Turnover represents the fair value of services provided to clients, net of VAT, and is recognised in line with the stage of completion of each project. Revenue is recognised when the outcome of a contract or engagement can be estimated reliably, and it is probable that economic benefits will flow to the company.

For long-term contracts, turnover is recognised using the percentage of completion method, based on the proportion of costs incurred to date relative to total expected costs, or based on certified milestones where applicable. This reflects the transfer of benefits and control to the client over time, in line with the services delivered.

Where the outcome of a contract cannot be reliably measured, revenue is recognised only to the extent of recoverable costs incurred. No element of profit is recognised in these circumstances.

Work in progress is assessed at each balance sheet date and includes only directly attributable costs. Any foreseeable losses are provided for in full.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives:

Freehold property - 10% cost

Plant & machinery - 10% cost

Fixtures and fittings - 15% on reducing balance

Computer equipment - 20% on cost

Motor Vehicle - 20% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Work in progress

Work in progress is valued on the basis of direct costs. Provisions are made for any foreseeable losses where appropriate. No element of profit is included in the value of work in progress.

The attributable profit on long term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small.

Provisions are not made for future operating losses.

Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Employee benefits

The company provides a wide range of benefits which includes; paid holidays and defined contribution pension plans. Short term employee benefit are recognised as an expense in the profit and loss account for the period in which the service is received.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2024 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2024

and 31 March 2025

7,500

AMORTISATION

At 1 April 2024

and 31 March 2025

7,500

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

1,095

42,736

59,202

Additions

-

-

-

At 31 March 2025

1,095

42,736

59,202

DEPRECIATION

At 1 April 2024

1,095

38,462

51,402

Charge for year

-

4,273

1,170

At 31 March 2025

1,095

42,735

52,572

NET BOOK VALUE

At 31 March 2025

-

1

6,630

At 31 March 2024

-

4,274

7,800

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

156,430

139,150

398,613

Additions

-

590

590

At 31 March 2025

156,430

139,740

399,203

DEPRECIATION

At 1 April 2024

46,722

105,035

242,716

Charge for year

20,255

11,943

37,641

At 31 March 2025

66,977

116,978

280,357

NET BOOK VALUE

At 31 March 2025

89,453

22,762

118,846

At 31 March 2024

109,708

34,115

155,897

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

and 31 March 2025

121,430

DEPRECIATION

At 1 April 2024

16,191

Charge for year

15,786

At 31 March 2025

31,977

NET BOOK VALUE

At 31 March 2025

89,453

At 31 March 2024

105,239

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

202,716

158,218

Amounts recoverable on contract

58,117

-

Other debtors

100,396

424,280

361,229

582,498

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 9)

51,512

-

Hire purchase contracts (see note 10)

7,887

4,089

Trade creditors

23,130

13,667

Taxation and social security

68,006

148,152

Other creditors

31,549

6,508

182,084

172,416

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 10)

76,151

84,038

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

51,512

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

7,887

4,089

Between one and five years

76,151

84,038

84,038

88,127

Non-cancellable

operating leases

2025

2024

£

£

Within one year

33,000

24,750

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

84,038

88,127

The hire purchase liability is secured against the assets it relates to.

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

24,141

32,976

Deferred

tax

£

Balance at 1 April 2024

32,976

Accelerated capital allowances

(8,835

)

Balance at 31 March 2025

24,141

13.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

1p

1

1

14.	DIRECTORS - RELATED PARTY

As at 31 March 2025 the company owed the directors £3,213 (2024: £3,213) which is included within the creditors amounts falling due within one year.

The balances are interest free and repayable on demand.

15.	RELATED PARTY DISCLOSURES

At 31 March 2025, a loan balance of nil was due from CDI Ltd (2024: £388,400). Mr M Hughes and Mr P Wong are directors and shareholders of this company. During the year, the company wrote off the outstanding loan of £449,535 as it was deemed irrecoverable following a review of CDI Ltd's financial position and its inability to repay the balance.

At 31 March 2025, a loan balance of £47,202 was due from GB & I Limited (2024: £9,332). Mr M Hughes and Mr P Wong are also directors and shareholders of this company.

During the year, a loan of £5,174 due from GB & ME Limited (2024: £1,173) was written off as irrecoverable. Mr M Hughes and Mr P Wong are directors and shareholders of this company.

All amounts are unsecured, interest-free and repayable on demand.

In total, £454,709 of amounts due from related parties were written off during the year, which has been charged to administrative expenses in the Income Statement.