Company Registration No. 04546099 (England and Wales)
LEESON DESIGNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021
31 March 2021
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
LEESON DESIGNS LIMITED
COMPANY INFORMATION
Director
Mr B Ibrahim
Secretary
Mrs P Ibrahim
Company number
04546099
Registered office
5 Siberia Mill
Holgate Street
Harle Syke
Burnley
Lancashire
England
BB10 2HQ
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
LEESON DESIGNS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
LEESON DESIGNS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,353
3,944
Current assets
Stocks
2,100
6,000
Debtors
4
1,002
10,161
Cash at bank and in hand
206
32
3,308
16,193
Creditors: amounts falling due within one year
5
(68,484)
(75,625)
Net current liabilities
(65,176)
(59,432)
Total assets less current liabilities
(61,823)
(55,488)
Creditors: amounts falling due after more than one year
6
(100,000)
(100,000)
Net liabilities
(161,823)
(155,488)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(161,923)
(155,588)
Total equity
(161,823)
(155,488)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
LEESON DESIGNS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 July 2022
Mr B Ibrahim
Director
Company Registration No. 04546099
LEESON DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Leeson Designs Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 Siberia Mill, Holgate Street, Harle Syke, Burnley, Lancashire, England, BB10 2HQ.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
During the period the company met its day to day working capital requirements by way of the financial support of its director. The director has agreed to continue this support. On this basis the director considers it appropriate to prepare the accounts on a going concern basis.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
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
15% on reducing balance
Computers
15% on reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
LEESON DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 April 2020 and 31 March 2021
12,563
1,624
14,187
Depreciation and impairment
At 1 April 2020
9,982
261
10,243
Depreciation charged in the year
387
204
591
At 31 March 2021
10,369
465
10,834
Carrying amount
At 31 March 2021
2,194
1,159
3,353
At 31 March 2020
2,581
1,363
3,944
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,002
Other debtors
10,161
1,002
10,161
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
310
Taxation and social security
139
Other creditors
68,345
75,315
68,484
75,625
LEESON DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
100,000
100,000
7
RELATED PARTY DISCLOSURERS
Included in creditors is a loan from the director of £165,005 (2020 - £172,302
). The loan is interest free and £100,000 is due after more than one year