LEE & CO CONSULTANTS LTD Accounts

LEE & CO CONSULTANTS LTD - Company Information






LEE & CO CONSULTANTS LTD
	Company No. 03867962
		Information for Filing with The Registrar
		31 March 2018

The Director presents his report and the accounts for the year ended 31 March 2018.

Principal activities
The principal activity of the company during the year under review was accountancy and business advisory services.




Director

The Director who served at any time during the year was as follows:

J.F.L. LEE



































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

J.F.L. LEE
Director
11 November 2018

at	31 March 2018

Company No.		03867962	Notes	2018	2017
				£	£
Fixed assets
	Intangible assets		2	76,400	76,400
	Tangible assets		3	11,022	12,003

	Investments		4	100,040	100,040
				187,462	188,443
Current assets

	Debtors		5	28,366	13,383

	Cash at bank and in hand			28,844	9,939
				57,210	23,322
Creditors: Amount falling due within one year			6	(79,480)	(75,411)
Net current liabilities				(22,270)	(52,089)
Total assets less current liabilities				165,192	136,354




Net assets				165,192	136,354

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		7	165,092	136,254

Total equity				165,192	136,354


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit 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 accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 11 November 2018

And signed on its behalf by:

J.F.L. LEE
Director

for the year ended 31 March 2018

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.
No depreciation is provided in respect of investment properties.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

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 payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 April 2017	76,400	76,400


		At 31 March 2018	76,400	76,400






		Net book values
		At 31 March 2018	76,400	76,400
		At 31 March 2017	76,400	76,400

3	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 April 2017	26,205	26,205
		Additions	964	964



		At 31 March 2018	27,169	27,169
		Depreciation
		At 1 April 2017	14,202	14,202
		Charge for the year	1,945	1,945



		At 31 March 2018	16,147	16,147
		Net book values
		At 31 March 2018	11,022	11,022
		At 31 March 2017	12,003	12,003

4	Investments
			Investment in Subsidiaries	Total
			£	£
		Cost or valuation
		At 1 April 2017	100,040	100,040



		At 31 March 2018	100,040	100,040






		Net book values
		At 31 March 2018	100,040	100,040
		At 31 March 2017	100,040	100,040

5	Debtors
			2018	2017
			£	£
		Trade debtors	13,606	6,613
		Amounts owed by group undertakings	11,243	6,770




		Other debtors	3,517	-

			28,366	13,383

6	Creditors:
		amounts falling due within one year
			2018	2017
			£	£

		Bank loans and overdrafts	6,059	5,449


		Trade creditors	20,598	17,418
		Amounts owed to group undertakings	18,396	34,921
		Corporation tax	6,291	3,981
		Other taxes and social security	322	367

		Other creditors	27,814	13,275

			79,480	75,411

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

8	Dividends
			2018	2017
			£	£
		Dividends for the period:
		Dividends paid in the period	28,000	35,000

			28,000	35,000

		Dividends by type:

		Equity dividends	28,000	35,000
			28,000	35,000

Related party disclosures

Controlling party

Immediate controlling party

No single party controls the company.

Additional information

Its registered number is:

03867962

Its registered office is:

C/O LEE HOUSE

116-118 OLDHAM ROAD

MANCHESTER

M4 6AG