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Registered number: 06041082 LEE VALLEY SERVICES LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
LEE VALLEY SERVICES LIMITED REGISTERED NUMBER: 06041082 BALANCE SHEET AS AT 30 SEPTEMBER 2024
| 2024 | 2024 | 2023 | 2023
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 2,586 |  | 3,233
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 2,883,236 |  | 3,060,927 |
Cash at bank and in hand | 6 | 1,667 |  | 1,437 |
|  | 2,884,903 |  | 3,062,364 |
Creditors: amounts falling due within one year | 7 | (2,326,817) |  | (2,485,500) |
Net current assets |  |  | 558,086 |  | 576,864
Total assets less current liabilities |  |  | 560,672 |  | 580,097
Creditors: amounts falling due after more than one year | 8 |  | (379,529) |  | (379,529)
Net assets |  |  | 181,143 |  | 200,568
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 181,043 |  | 200,468
|  |  | 181,143 |  | 200,568
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. Page 1
LEE VALLEY SERVICES LIMITED REGISTERED NUMBER: 06041082 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024 The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 May 2026.
M Polledri
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
LEE VALLEY SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. | General information
Lee Valley Services Limited is a private company, limited by shares, incorporated in England and Wales, registration number 06041082. The registered office is Leytonstone House, 3 Hanbury Drive, London, E11 1GA. The principal activity of the company during the period was that of property investment. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The accounts have been prepared on a going concern basis. The company is dependent on the continued support of its bankers and other creditors, which includes parties under common control. At the time of approval of these financial statements the directors are of the opinion that the company will continue in operation for the foreseeable future.
| 2.3 | Revenue
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes. The Company recognises revenue when: (a) the amount of revenue can be measured reliably; (b) it is probable that future economic benefits will flow to the entity and (c) when the specific criteria relating to each of the Company’s sales channels have been met, as described below: (i) The Company provides personnel services. Sales invoices are raised monthly in arrears for personnel services provided. Revenue is recognised in the accounting period in which the services are rendered. Sales are made with credit terms. (ii) The Company provides services to its tenants for the maintenance of the premises. Sales invoices are raised monthly in arrears for maintenance of premises. Revenue is recognised in the accounting period in which the services are rendered. Sales are made with credit terms.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
LEE VALLEY SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases:. Depreciation is provided on the following basis:
|  |  |  | Fixtures, fittings & equipment | - | 20% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | Creditors
Short term creditors are measured at the transaction price.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
| 2.9 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 4
LEE VALLEY SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.12 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.13 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
3. | Employees
| The average monthly number of employees, including directors, during the year was 12 (2023 - 12).
Page 5
LEE VALLEY SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
4. | Tangible fixed assets
|  | Fixtures, fittings & equipment
|  | £
| Cost |
| At 1 October 2023 | 15,178
| At 30 September 2024 | 15,178
| Depreciation |
| At 1 October 2023 | 11,945
| Charge for the year on owned assets | 647
| At 30 September 2024 | 12,592
| Net book value |
| At 30 September 2024 | 2,586
| At 30 September 2023 | 3,233
Page 6
LEE VALLEY SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 413 | 781
| Other debtors | 2,877,647 | 3,055,430
| Prepayments | 5,176 | 4,716
|  | 2,883,236 | 3,060,927
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,667 | 1,437
| Less: bank overdrafts | (174,326) | (202,184)
|  | (172,659) | (200,747)
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 174,326 | 202,184
| Trade creditors | 20,735 | 69,169
| Corporation tax | 13,946 | 9,833
| Other taxation and social security | 44,121 | 68,515
| Other creditors | 2,069,089 | 2,131,274
| Accruals and deferred income | 4,600 | 4,525
|  | 2,326,817 | 2,485,500
Page 7
LEE VALLEY SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 379,529 | 379,529
| During 2019 a loan was received by the parent company, Lee Valley Estates Limited which was subsequently allocated around the Group. The Company is liable to pay interest on it's portion of the loan and this is paid quarterly in line with the loan agreement. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies and by floating charges over all other rights and assets both present and future. Please see note 9 for further information.
9. | Contingent liabilities
During 2019 the parent company, Lee Valley Estates Limited, received a bank loan for £22,000,000. These funds were subsequently allocated between the subsidiaries within the Group. The Company received £379,529 (2023 - £379,529) of this loan. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies.
10. | Pension commitments
The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £6,600 (2023 - £5,995). There were no amounts outstanding at the year end £Nil (2023 - £Nil).
11. | Directors' benefits: Advances, Credit and Guarantees
| Included within other debtors are the following amounts due from the directors:
|  | 2024 | 2023
|  | £ | £
| Balance brought forward | 1,041,742 | 954,297
| Total advances in the year | 7,682 | 66,557
| Total repayments in the year | (109,445) | -
| Interest charged | 22,675 | 20,888
| Balance carried forward owed to the company | 962,654 | 1,041,742
Page 8
LEE VALLEY SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
12. | Related party transactions
| Rents charged to the company by the directors were £48,933 (2023 - £53,400). Included within other debtors are amounts of £1,496,160 (2023 - £1,604,550) due from companies under common control. Included within other creditors are amounts of £2,069,089 (2023 - £2,131,273) due to companies under common control.
13. | Controlling party
The immediate parent company is Lee Valley Estates Limited. The ultimate controlling party is considered to be M Polledri.
Page 9