Company registration number 02417378 (England and Wales)
Llewellen Estate Management Ltd
Unaudited financial statements
For the year ended 31 December 2022
Llewellen Estate Management Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Llewellen Estate Management Ltd
Statement of financial position
As at 31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,346
7,430
Current assets
Debtors
5
22,155
23,747
Cash at bank and in hand
149,130
136,258
171,285
160,005
Creditors: amounts falling due within one year
6
(12,924)
(12,746)
Net current assets
158,361
147,259
Net assets
163,707
154,689
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
163,607
154,589
Total equity
163,707
154,689
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 September 2023
Miss S L Howell
Director
Company Registration No. 02417378
Llewellen Estate Management Ltd
Notes to the financial statements
For the year ended 31 December 2022
- 2 -
1
Accounting policies
Company information
Llewellen Estate Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Excelsior Buildings, 61 Bridge Street, Walsall, WS1 1JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
Enter depreciation rate via StatDB - cd76
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Llewellen Estate Management Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
6
Llewellen Estate Management Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
28,568
Additions
222
At 31 December 2022
28,790
Depreciation and impairment
At 1 January 2022
21,138
Depreciation charged in the year
2,306
At 31 December 2022
23,444
Carrying amount
At 31 December 2022
5,346
At 31 December 2021
7,430
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
18,986
20,279
Other debtors
3,169
3,468
22,155
23,747
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
2,589
2,784
Other taxation and social security
7,097
5,444
Other creditors
3,238
4,518
12,924
12,746