Lease Secured Limited - Period Ending 2018-04-30
Lease Secured Limited - Period Ending 2018-04-30
Registration number:
for the Year Ended
Pages for filing with Registrar
Lease Secured Limited
Contents
Company Information |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Lease Secured Limited
Company Information
Directors |
M Kissack J Lewis A D R Hurst |
Registered office |
|
Registered number |
05861899 |
Accountants |
|
Lease Secured Limited
(Registration number: 05861899)
Balance Sheet as at 30 April 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 2 |
Lease Secured Limited
(Registration number: 05861899)
Balance Sheet as at 30 April 2018 (continued)
For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
A D R Hurst
Director
Page 3 |
Lease Secured Limited
Statement of Changes in Equity for the Year Ended 30 April 2018
Share capital |
Non-distributable reserve |
Profit and loss account |
Total |
|
At 1 May 2017 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
At 30 April 2018 |
|
|
|
|
Share capital |
Non-distributable reserve |
Profit and loss account |
Total |
|
At 1 May 2016 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
At 30 April 2017 |
|
|
|
|
Page 4 |
Lease Secured Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Statutory information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover represents rents receivable under operating leases on an accruals basis.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 5 |
Lease Secured Limited
Notes to the Financial Statements for the Year Ended 30 April 2018 (continued)
2 |
Accounting policies (continued) |
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fixtures |
10% on cost |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 6 |
Lease Secured Limited
Notes to the Financial Statements for the Year Ended 30 April 2018 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Lease Secured Limited
Notes to the Financial Statements for the Year Ended 30 April 2018 (continued)
Tangible assets |
Other property, plant and equipment |
|
Cost or valuation |
|
At 1 May 2017 |
|
At 30 April 2018 |
|
Depreciation |
|
At 1 May 2017 |
|
Charge for the year |
|
At 30 April 2018 |
|
Carrying amount |
|
At 30 April 2018 |
|
At 30 April 2017 |
|
Investment properties |
2018 |
|
At 1 May |
|
Additions |
|
Fair value adjustments |
|
At 30 April |
|
Investment property is carried at fair value, determined by the directors with reference to the condition and location of the property, as well as current observable market prices.
There has been no valuation by an independent valuer.
Page 8 |
Lease Secured Limited
Notes to the Financial Statements for the Year Ended 30 April 2018 (continued)
Debtors: amounts falling due within one year |
Note |
2018 |
2017 |
|
Trade debtors |
|
|
|
Amounts owed by undertakings in which the company has a participating interest |
|
|
|
Other debtors |
|
|
|
|
|
Creditors: amounts falling due within one year |
Note |
2018 |
2017 |
|
Amounts owed to undertakings in which the company has a participating interest |
|
|
|
Trade creditors |
|
|
|
VAT |
|
|
|
Other creditors |
|
|
|
Directors' loan accounts |
379,955 |
379,955 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Page 9 |
Lease Secured Limited
Notes to the Financial Statements for the Year Ended 30 April 2018 (continued)
Loans and borrowings |
2018 |
2017 |
|
Current loans and borrowings |
||
Amounts owed to undertakings in which the company has a participating interest |
|
|
Directors' loan accounts |
|
|
|
|
The above loans are interest free with no fixed repayment terms.
Related party transactions |
Lease Secured Ltd charged £nil (2017: £8,156) for rent (including service charges) to AutoEase Vehicle Management Limited.
The amount due from AutoEase Vehicle Management Ltd at the balance sheet date was £26,594 (2017: £26,310).
During the year Lease Secured Ltd charged £41,587 (2017: £28,495) for rent and services charges to BL Autosource LLP.
The amount payable to BL Autosource LLP at the balance sheet date was £371,519 (2017: £351,874).
Page 10 |