Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 7,878,785 | 7,498,785 | |||
| Current assets | ||||
| Debtors | 4 |
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| Investments | 5 |
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| Cash at bank and in hand |
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| 982,845 | 926,403 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 763,769 | 724,456 | ||
| Total assets less current liabilities | 8,642,554 | 8,223,241 | ||
| Provision for liabilities | 7, 8 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of R.Lee Limited (registered number:
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G R Jayson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
R.Lee Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Hillsdown House 1st Floor, 32 Hampstead High Street, London, NW3 1QD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Rental income
Investment properties are leased to tenants under operating leases. The rental income receivable under these lease is recognised through profit or loss on a straight-line basis over the term of the lease. Any rental income received relating to a future period is deferred.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
(iii) Offsetting
Financial assets and liabilities are offset and 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.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 May 2024 |
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| Fair value movement | 380,000 |
| As at 30 April 2025 |
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| £ | £ | ||
| Trade debtors |
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| Corporation tax |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Listed investments – at fair value |
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| £ | £ | ||
| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Deferred tax |
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| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Charged to the Profit and Loss Account | (
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| At the end of financial year | (
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 5,000 | 5,000 | ||
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| 5,000 | 5,000 | ||
| 10,000 | 10,000 |
Transactions with owners holding a participating interest in the entity
| 2025 | 2024 | ||
| £ | £ | ||
| Interest free loan provided by Company | 150,000 | 150,000 |
Transactions with the entity's directors
| 2025 | 2024 | ||
| £ | £ | ||
| Director advances | 85,223 | 162,145 |
During the year, there was a loan due from the directors included within other debtors due within one year. This comprised an opening balance in debtors of £162,145, advances of £259,339, and repayments of £336,261 and interest charged at HMRC's beneficial loan rate of interest, leaving a year end balance of £85,223. This balance was unsecured, and there are no fixed repayment terms.