Company registration number 05216515 (England and Wales)
J.H. LEEKE AND SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
J.H. LEEKE AND SONS LIMITED
COMPANY INFORMATION
Directors
Mr G L Leeke OBE FCA
Ms E J Leeke
Mr S J Leeke
Mr M A Fowler FCCA
Mr P Martin
Mr C Leeke
Mrs J E Littlejohn
Mr M Leeke
(Appointed 3 April 2023)
Secretary
Mr M Leeke
Company number
05216515
Registered office
Mwyndy Business Park
Mwyndy
Pontyclun
Mid Glamorgan
Wales
CF72 8PN
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
J.H. LEEKE AND SONS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Profit and loss account
13
Group statement of comprehensive income
14
Group balance sheet
15 - 16
Company balance sheet
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 47
J.H. LEEKE AND SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Fair review of the business

The group's principal activities continued to be those of the operation of home retail stores, the running of a hotel, leisure and golf resort, a distillery and a property development company.

 

The group’s turnover of £74.9m in 2022/23 was £3.575m (5%) up on the previous year.

 

Despite the inflationary environment, the group performed strongly in respect of all of its key performance indicators as follows:

 

 

2022/23

2021/​22

Variance

2020/​21

 

£000

£000

£000/​%

£000

Turnover

74,867

71,292

5%

50,457

EBITDA*

8,045

9,181

(1,136)

5,464

EBITDA % to Turnover

10.8%

12.9%

(2.1%)

10.8%

Profit before tax and exceptional items

5,044

6,491

(1,447)

2,733

Net Assets

85,681

81,595

4,086

74,652

Net Bank Debt

15,152

15,141

11

21,456

Gearing

17.8%

18.6%

-0.8%

28.7%

Net Debt/​EBITDA Leverage

1.88 times

1.65 times

+0.23 times

3.93 times

 

 

*EBITDA is defined as earnings before interest, tax, deprecation, amortisation, loss on disposal and exceptional items.

 

The group continued with its policy of not distributing dividends to shareholders but reinvesting these profits back into the group’s activities which is reflected in the £7.5m of capital expenditure additions in the year.

 

The group also continues to focus on managing its cash flow position very carefully as demonstrated by the low levels of gearing (17.8%) and leverage (1.88 times). Despite the capital expenditure additions of £7.5m, net bank debt was broadly level with last year due to the strong profitability.

 

The key projects delivered with the £7.5m of capital additions included the first stages of the £4m refurbishment of the company’s flagship store in Llantrisant, South Wales which was finished post year-end. In addition, the group completed the majority of a £1.4 million investment in solar energy across all its department store sites, Head Office and the Vale Resort during the year. Fully finished in the summer of 2023, the project is forecast to generate 1.9 million kWh per year of energy. This movement towards increased energy self-sufficiency is already reflected in the group’s carbon usage falling from 71 to 58 tonnes CO2e per £m turnover as detailed in the SECR report.

 

The group has a significant net asset base of £85.7m which includes £74m of freehold property interests together with strong liquidity with the group currently utilising less than half of its £30m revolving credit facility. The group continues to show significant headroom on all its banking covenants, which include loan to value, gearing, interest cover and senior leverage, both in the post year-end accounts and forward projections.

J.H. LEEKE AND SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Performance review - Leekes Limited (Leekes Retail)

Delivered sales in the retail business were broadly level on the prior year while gross margins improved by 0.6% to 39.9% which meant that cash gross profit grew by £0.4m (2%). However, due to the considerable cost inflation on payroll and property costs, administrative expenses were up £0.8m on the prior year. The increase in property costs was partly attributable to the prior year including £0.7m of additional business rates relief with these cost increases being partially offset this year by a £0.6m gain on the disposal of an investment property.

 

The increase in delivered sales enabled the EBITDA and profit before tax outcomes to improve on the prior year:

 

 

2022/23

2021/​22

Variance

2020/​21

 

£000

£000

£000

£000

Turnover

54,346

54,166

180

41,881

EBITDA

4,852

5,528

(676)

4,161

Profit before tax and exceptional items

3,166

3,963

(797)

2,444

 

Key performance indicators - Leekes Limited

The directors closely monitor the business performance through the use of both financial and non-financial KPIs. Financial KPIs are used at the three main levels of the business - by store, by business unit and by department. These include sales targets by store, department and section, sales and profitability by store and department, pipeline sales orders generated, gross margin targets, additional income generated by sales teams, cash flow targets based on the cash flow generated from profitability, working capital movements and control of capital expenditure budgets.    The directors review KPI performance on a daily, weekly or monthly basis as appropriate and this close control has contributed to the EBITDA improvement in recent years.

 

Non-financial KPIs used include mystery shopper surveys, delivery satisfaction surveys, staff retention levels, lead generation and sales conversions by sales teams which are utilised to ensure our team is working together to improve customer satisfaction, employee engagement and future business.

 

Post year-end trading review - Leekes Retail

Post year end trading has been positive with strong profitability continuing into the new financial year despite the considerable ongoing impact of cost inflation on property and payroll costs and the effect on consumer confidence of the cost of living crisis.

 

J.H. LEEKE AND SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Performance review - Vale Resort

The Vale Resort has performed well across successive years and after the 2020/21 financial year was significantly impacted by enforced closures and restrictions brought about by the Covid-19 pandemic, revenue and profits rebounded strongly in the last two years:

 

2022/23

2021/​22

Variance

2020/​21

 

£000

£000

£000

£000

Turnover

16,741

13,981

2,760

5,286

EBITDA

3,187

3,580

(393)

797

Pre-tax profit/​(loss)

2,010

2,550

(540)

(85)

The Vale Resort has achieved many years of revenue growth and excellent profitability and the group’s policy of reinvesting significantly in capital expenditure to maintain and improve upon the facilities has yielded significant benefits both in terms of customer satisfaction and the outstanding profit returns generated the consistency of the high profitability level was reflected in the £50.4m professional valuation carried out in the previous financial year by Chartered Surveyors, Cushman’s London.

 

The Resort continued with the excellent profitability returns in the 2022/23 financial year with £3.187m EBITDA and £2.0m pre-tax profits. The pre-tax profit of £2.0m was £0.5m down on last year’s exceptional profit of £2.5m but still represents an extremely strong performance.

As the hospitality industry continues to recover from the Covid-19 pandemic, turnover was up £2.76m (20%) on the prior year helped by strong growth in rooms, food & beverage and leisure membership revenues as well as the completion of 20 additional rooms at Hensol Castle in the previous financial year which were available for use.

 

Gross margins fell from 54.3% to 50.8% on the back of considerable payroll and product (especially food) inflation. Despite the fall in the gross margin percentage, gross profit was still up £0.9m (12%) on the previous financial year as a result of the turnover growth. Administrative expenses were up £1.3m (26%) on last year following the significant cost inflation on payroll and property costs. However, £0.4m of the £1.3m increase relates to the loss of the full business rates relief that was received in the prior year so, on a like basis, the £2.0m pre-tax profit was only down £0.1m on the outstanding comparatives of the previous financial year with the operating profits achieved continuing to out-perform our competitor set.

 

Post year-end trading review – Vale Resort

Despite the ongoing cost inflation, post year-end trading has continued to be outstanding and with forward booking levels very positive, and leisure & golf memberships still buoyant, we are projecting that 2023/24 will result in another year of strong profitability.

 

Key Performance Indicators - Vale Resort

The directors closely monitor the business performance through the use of both financial and non-financial KPIs. Financial KPIs include room occupancy percentages, average room rates, membership numbers, food & beverage revenues per available room, new leisure membership targets, leisure membership retention targets, and spa & golf course utilisations. The directors compare the performance on these KPIs against both the internal budgets and targets set and against competitor benchmarking data. The directors are pleased to report that the Vale Resort has consistently outperformed its competitor set in respect of profitability per available room over an extended period. Non-financial KPIs used include guest and member feedback surveys, mystery guest programs, staff retention levels and sales conversion targets.

 

Performance review – Hensol Castle Distillery

The group has made and continues to make significant investment into its distillery operations based at Hensol Castle adjacent to the Vale Resort. The principal activities of the distillery business are that of the distilling, rectifying and blending of own brand spirits, a contract bottling division and a visitor centre.

 

A capital contribution of £1.75m from the parent company was made in the financial year which has further strengthened the balance sheet with profit and loss account reserves at the end of the financial year now showing £1.2m and net assets £1.7m. The distillery company achieved sales growth of 37% in the year with further gains in market share in the contract bottling division. The company is also excited by the opportunities arising from supermarket listings of its Hensol Castle ranges. With the sales growth projected to continue in the new financial year, the company has made significant investment in its production facilities post year-end which will enable it to capitalise on the various opportunities available.

 

J.H. LEEKE AND SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Principal risk and uncertainties

The group has moderate exposure to variations in interest rates and foreign exchange. At present, the directors do not consider it necessary to hedge our exposure to foreign exchange rate fluctuations but, given the amount of dollar purchases it makes in the retail business, it has a policy of holding the equivalent of at least 6 months purchases in US dollars. In respect of interest rate hedging, during 2019/20 the group took advantage of a 3 month Libor 10 year swap rate of 0.8825% per annum for £10m which will protect it against interest rate volatility over that period. The business is monitored for changes in the risk profile of such exposure and will consider using other financial instruments and derivatives as appropriate.

 

Our management of exposure to fluctuations in energy costs meant that 100% of our required consumption had been hedged by the start of the year to March 23 and before the considerable price increases seen since the start of the war in Ukraine. We continue to monitor our hedging strategy on a continuous basis to ensure we are protected from short term movements in pricing. In addition our exposure to increased prices has been reduced by our energy consumption reduction strategies as referenced in our investment in solar panels on our owned properties.

 

The group has some exposure to credit or liquidity risk on its trade receivables but this is not significant relative to the size of its balance sheet due to the fact that it is principally a cash-based business. Cash flow risks, relating to demands of working capital, are mitigated through the careful management of stock holdings, review of supplier credit terms and the management of cash on a group-wide basis to meet the group's cash requirements.

Future prospects and going concern

The group will continue to operate in the business areas in which it is engaged and aims to exploit new activities as they arise by reinvesting profits back into the group’s activities. Phase 1 of the refurbishment of the flagship store in Llantrisant, South Wales was completed post year-end and initial trading and customer feedback since the reopening of its furniture floor has been very encouraging.

 

The group continues to comply with all its banking covenants with significant headroom including interest cover, senior leverage, gearing and loan to value covenants. The forward projections show that this compliance will continue for the foreseeable future. We will continue to benefit from the ten year £10m 0.8825% interest rate swap which has provided the group significant protection against interest rate rises.

 

The group has net assets of £85.7m which includes substantial freehold property interests and continues to perform strongly post year-end despite the challenging economic environment. The group financial projections for the 12 months following the date of signing of the financial statements show continued strong profitability and significant headroom on its debt facilities due to the highly cash generative nature of the groups’ activities.

Promoting the success of the company

Section 172 of the Companies Act 2006 requires that directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

a. The likely consequences of any decision in the long term

b. The interests of the company’s employees

c. The need to foster the company’s business relationships with suppliers, customers and others

d. The impact of the company’s operations on the community and the environment

e. The desirability of the company maintaining a reputation for high standards of business conduct

f. The need to act fairly as between members of the company

The directors acknowledge their responsibilities and are satisfied they have met their duties regarding these matters in the decisions they have made during the year ended 31 March 2023.

J.H. LEEKE AND SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Corporate commitments

As a family business we appreciate the wider impact that we have on our teams, communities and the environment and have defined the following commitments:

Stakeholder responsibilities

The group recognises the contribution of all its employees and is committed to recruiting, developing and retaining a strong and diverse workforce. The group has implemented a structured framework for employees to progress their careers with the Leekes Retail and Leisure Group and has reinforced the importance of fair and transparent performance management.

 

The directors acknowledge the importance of the group's customers to its success. We are committed to providing the highest levels of service to our customers.

 

We recognise the key part that our suppliers play in our business. We value all our suppliers and enjoy positive and long standing relationships with our key suppliers.

 

The group is aware of its corporate social accountability, particularly in the area of our interaction with our community and the environment.

Health & safety

The group acknowledges its responsibilities under the Health and Safety at Work Act 1974, The Management of Health and Safety at Work Regulations 1992 and 1999 and associated protective legislation, both as an employer and as a business. To achieve these objectives the group has appointed designated team members to be responsible for ensuring that we keep workplace health, safety and welfare procedures under constant review; to implement continuous improvement; to liaise with the Health and Safety Executive wherever necessary; and to keep the group and its Board of Directors abreast of new legislation, in order to ensure ongoing compliance with the law.

On behalf of the board

Mr M A Fowler FCCA
Group Finance Director
22 September 2023
J.H. LEEKE AND SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be those of the operation of out-of-town department stores, the running of a hotel, leisure and golf resort, a development company, distilling, rectifying and blending of spirits, a contract bottling operation and a visitor's centre.

Results and dividends

The results for the year are set out on page 13, a fair review of the business and performance review is set out in the strategic report on pages 1 to 5.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G L Leeke OBE FCA
Ms E J Leeke
Mr S J Leeke
Mr M A Fowler FCCA
Mr P Martin
Mr C Leeke
Mrs J E Littlejohn
Mr M Leeke
(Appointed 3 April 2023)
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests. Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

UHY Hacker Young have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

Energy and carbon report

J.H. Leeke and Sons Limited is classed as a large unquoted group within the SECR regulations and therefore is required to submit a SECR report as part of the directors' report within the annual accounts as submitted to Companies House.

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
8,463,540
9,192,990
- Electricity purchased
8,615,443
9,201,922
- Fuel consumed for transport
4,064,198
4,220,237
21,143,181
22,615,149
J.H. LEEKE AND SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1,776.00
2,083.00
- Fuel consumed for owned transport
929.00
963.00
2,705.00
3,046.00
Scope 2 - indirect emissions
- Electricity purchased
1,802.00
2,124.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the business
59.00
99.00
Total gross emissions
4,566.00
5,269.00
Intensity ratio
Intensity ratio t CO2e per £M turnover
58
71
Quantification and reporting methodology

The adopted methodology used is based on the Greenhouse Gas Protocol Corporate Reporting Standard reporting on equivalent CO2 emissions from organisational boundary. Information has been gathered in the same format as for compliance with the ESOS Regulations, for Scope 1, 2 & partial 3 emissions, collated into kWh for all corresponding UK based operations, directly owned or operated by the group (i.e. the organisational boundary).

 

These have been converted to equivalent tonnes of carbon dioxide (tCO2e) using the published UK Government GHG Conversion Factors for Company Reporting for 2022. Partial scope 3 emissions relating to UK business travel and transmission & distribution losses for electricity have also been identified.

Intensity measurement

The chosen intensity measurement ratio is total emissions in tonnes CO2e per £m turnover.

Measures taken to improve energy efficiency

J.H Leeke & Sons Limited continue to strive for energy and carbon reduction arising from their activities. As such, during this financial period the group has focused on a number of areas for improvement.

 

During 2022-23 we introduced solar PV arrays to our stores in Llantrisant, Cross Hands and Bilston and at the Vale Resort. In Cross Hands, we have converted the gas-oil heating to kerosene. We have also commenced replacement of boilers in Melksham to more efficient condensing type in addition to our ongoing programme of upgrading lighting to LED throughout the portfolio.

 

The energy element of this report will be used as the Total Energy Consumption (TEC) element of the Phase 3 ESOS report. This report will be completed in autumn 2023 and will contribute to our ongoing strategy as we seek to continue to reduce our Carbon Footprint.

Materiality

J.H Leeke & Sons Limited has, to the best of its knowledge, included 100% of all energy sources within this report & no estimated data has been used.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

J.H. LEEKE AND SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
On behalf of the board
Mr M A Fowler FCCA
Group Finance Director
22 September 2023
J.H. LEEKE AND SONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

J.H. LEEKE AND SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.H. LEEKE AND SONS LIMITED
- 10 -
Opinion

We have audited the financial statements of J.H. Leeke and Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

J.H. LEEKE AND SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.H. LEEKE AND SONS LIMITED
- 11 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

J.H. LEEKE AND SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.H. LEEKE AND SONS LIMITED
- 12 -

To address the risk of fraud through management bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
22 September 2023
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
J.H. LEEKE AND SONS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Excluding exceptional items
Exceptional items
Total
Excluding exceptional items
Exceptional items
Total
2023
2023
2023
2022
2022
2022
(Note 7)
(Note 7)
Notes
£
£
£
£
£
£
Turnover
3
74,866,913
-
74,866,913
71,292,363
-
71,292,363
Cost of sales
(43,734,357)
-
(43,734,357)
(41,636,473)
-
(41,636,473)
Gross profit
31,132,556
-
31,132,556
29,655,890
-
29,655,890
Administrative expenses
(26,232,157)
-
(26,232,157)
(23,862,887)
(102,826)
(23,965,713)
Other operating income
4
839,345
-
839,345
1,208,411
-
1,208,411
Operating profit
5
5,739,744
-
5,739,744
7,001,414
(102,826)
6,898,588
Interest receivable and similar income
10
1,395
-
1,395
1,389
-
1,389
Interest payable and similar expenses
11
(697,135)
-
(697,135)
(512,011)
-
(512,011)
Other gains and losses
12
-
1,036,087
1,036,087
-
729,830
729,830
Profit before taxation
5,044,004
1,036,087
6,080,091
6,490,792
627,004
7,117,796
Tax on profit
13
(2,101,968)
-
(2,101,968)
(623,738)
(119,131)
(742,869)
Profit for the financial year
2,942,036
1,036,087
3,978,123
5,867,054
507,873
6,374,927
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

J.H. LEEKE AND SONS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
£
£
Profit for the year
3,978,123
6,374,927
Other comprehensive income
Revaluation of tangible fixed assets
-
0
419,768
Actuarial gain on defined benefit pension schemes
144,200
183,000
Tax relating to other comprehensive income
(36,050)
(34,770)
Other comprehensive income for the year
108,150
567,998
Total comprehensive income for the year
4,086,273
6,942,925
Total comprehensive income for the year is all attributable to the owners of the parent company.
J.H. LEEKE AND SONS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
14
2,069,199
2,094,287
Other intangible assets
14
17,546
12,481
Total intangible assets
2,086,745
2,106,768
Tangible assets
15
93,322,349
89,229,124
Investments
16
2,341
2,341
95,411,435
91,338,233
Current assets
Stocks
19
18,767,589
19,038,226
Debtors
20
7,549,238
5,942,693
Cash at bank and in hand
1,165,055
1,750,781
27,481,882
26,731,700
Creditors: amounts falling due within one year
21
(14,430,468)
(15,859,093)
Net current assets
13,051,414
10,872,607
Total assets less current liabilities
108,462,849
102,210,840
Creditors: amounts falling due after more than one year
22
(18,113,551)
(17,895,633)
Provisions for liabilities
Deferred tax liability
25
4,667,622
2,529,604
(4,667,622)
(2,529,604)
Net assets excluding pension liability
85,681,676
81,785,603
Defined benefit pension liability
27
-
(190,200)
Net assets
85,681,676
81,595,403
Capital and reserves
Called up share capital
26
1,657,024
1,657,024
Share premium account
3,277,560
3,277,560
Revaluation reserve
16,075,226
16,075,226
Other reserves
1,162,296
1,162,296
Profit and loss reserves
63,509,570
59,423,297
Total equity
85,681,676
81,595,403
J.H. LEEKE AND SONS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 22 September 2023 and are signed on its behalf by:
22 September 2023
Mr M A Fowler FCCA
Group Finance Director
J.H. LEEKE AND SONS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 17 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
16
25,929,874
23,660,202
Current assets
Debtors falling due after more than one year
20
40,098,008
40,303,745
Debtors falling due within one year
20
1,767,236
683,997
Cash at bank and in hand
881,215
1,618
42,746,459
40,989,360
Creditors: amounts falling due within one year
21
(24,277)
(1,091,275)
Net current assets
42,722,182
39,898,085
Total assets less current liabilities
68,652,056
63,558,287
Creditors: amounts falling due after more than one year
22
(39,239,001)
(35,179,308)
Net assets
29,413,055
28,378,979
Capital and reserves
Called up share capital
26
1,657,024
1,657,024
Share premium account
3,277,560
3,277,560
Profit and loss reserves
24,478,471
23,444,395
Total equity
29,413,055
28,378,979

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,034,076 (2022 - £727,357 profit).

The financial statements were approved by the board of directors and authorised for issue on 22 September 2023 and are signed on its behalf by:
22 September 2023
Mr M A Fowler FCCA
Group Finance Director
Company Registration No. 05216515
J.H. LEEKE AND SONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 April 2021
1,657,024
3,277,560
15,655,458
1,162,296
52,900,140
74,652,478
Year ended 31 March 2022:
Profit for the year
-
-
-
-
6,374,927
6,374,927
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
419,768
-
-
419,768
Actuarial gains on defined benefit plans
-
-
-
-
183,000
183,000
Tax relating to other comprehensive income
-
-
-
0
-
(34,770)
(34,770)
Total comprehensive income
-
-
419,768
-
6,523,157
6,942,925
Balance at 31 March 2022
1,657,024
3,277,560
16,075,226
1,162,296
59,423,297
81,595,403
Year ended 31 March 2023:
Profit for the year
-
-
-
-
3,978,123
3,978,123
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
144,200
144,200
Tax relating to other comprehensive income
-
-
-
0
-
(36,050)
(36,050)
Total comprehensive income
-
-
-
-
4,086,273
4,086,273
Balance at 31 March 2023
1,657,024
3,277,560
16,075,226
1,162,296
63,509,570
85,681,676
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
The revaluation reserve represents the cumulative effect of revaluations of freehold and leasehold land and buildings and investment property.
Other reserves represents a merger reserve which arose following the group reconstruction in 2005.
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
J.H. LEEKE AND SONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
1,657,024
3,277,560
22,717,038
27,651,622
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
727,357
727,357
Balance at 31 March 2022
1,657,024
3,277,560
23,444,395
28,378,979
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,034,076
1,034,076
Balance at 31 March 2023
1,657,024
3,277,560
24,478,471
29,413,055
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
J.H. LEEKE AND SONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
5,705,112
11,563,914
Interest paid
(693,135)
(504,011)
Income taxes (paid)/refunded
(174,550)
16,031
Net cash inflow from operating activities
4,837,427
11,075,934
Investing activities
Purchase of intangible assets
(6,553)
(25,464)
Purchase of tangible fixed assets
(7,475,020)
(4,847,145)
Proceeds from disposal of tangible fixed assets
1,488,411
147,759
Interest received
1,395
1,389
Net cash used in investing activities
(5,991,767)
(4,723,461)
Financing activities
Advances of Pension Scheme loan
895,000
550,000
Repayment of Pension Scheme loan
(464,441)
(352,750)
Repayment of bank loans
(575,000)
(6,658,333)
Advances of finance lease obligations
987,824
-
Repayment of finance leases obligations
(274,769)
(234,946)
Net cash generated from/(used in) financing activities
568,614
(6,696,029)
Net decrease in cash and cash equivalents
(585,726)
(343,556)
Cash and cash equivalents at beginning of year
1,750,781
2,094,337
Cash and cash equivalents at end of year
1,165,055
1,750,781
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
1
Accounting policies
Company information

J.H. Leeke and Sons Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Mwyndy Business Park, Mwyndy, Pontyclun, Mid Glamorgan, Wales, CF72 8PN.

 

The group consists of J.H. Leeke and Sons Limited and all of its subsidiaries.

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.

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.

The company is a qualifying entity for the purposes of FRS 102, being the parent company of a group which prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 22 -

The consolidated financial statements incorporate those of J.H. Leeke and Sons Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

Revenue from concession sales is shown on a net basis, being the commission received or receivable rather than the gross value of the sale.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of an incorporated business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which the board considers to be 100 years for goodwill arising from the acquisition of Park Furnishers (Bristol) Limited and 10 years for goodwill arising from the acquisition of Bottlers & Distillers (Wales) Limited. Refer to note 2 for further detail.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 23 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Trademarks
Straight line basis over 10 years
1.7
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:

Freehold land and buildings
Not depreciated
Investment property
Not depreciated
Plant, machinery and equipment
8% or 15% reducing balance or 10% to 20% straight line
Fixtures, fittings and motor vehicles
8% to 20% reducing balance or 8.3% to 33% straight line
Motor vehicles
Between 14% and 25% per annum on a straight line basis

Freehold land and buildings are not depreciated as, in the opinion of the directors, the residual values of the properties are not lower than their value at the date of acquisition. An annual impairment review is carried out by the directors in respect of these buildings.

Revaluations of freehold and leasehold land and buildings are undertaken with sufficient regularity to ensure that the carrying value does not materially differ from that which would be determined using fair value at the end of the reporting period. The surplus or deficit on book value is transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the property, or the reversal of such a deficit, is charged (or credited) to the profit and loss account. A deficit which represents a clear consumption of economic benefits is charged to the profit and loss account regardless of any such previous surplus.

The investment property is revalued annually. Any surplus or deficit is transferred to the revaluation reserve, unless the deficit is in excess of any previously recognised surplus. Depreciation is not provided in respect of the investment property.

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 recognised in the profit and loss account.

1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as a tangible fixed asset.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 24 -
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 25 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 26 -

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
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 profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 profit and loss account, 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 if, and only if, there is 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.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 27 -
1.14
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 employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 28 -
1.17
Government grants

Government grants are recognised at the fair value of the asset received 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.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

The group had revenue of £74,866,913 (2022: £71,292,363) for the year ended 31 March 2023. Revenue from concession sales is shown on a net basis, being the commission received rather than the gross value achieved on the sale. The gross transaction value, which presents revenue on a gross basis before adjusting for concessions, during the year and a reconciliation to the group's reported turnover is presented in note 3.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 29 -
Carrying value of tangible fixed assets and frequency of valuation

A key area of estimation uncertainty relates to the carrying value of the group's tangible fixed assets. As at 31 March 2023 the group had tangible fixed assets including investment property of £93,322,349 (2022: £89,229,124).

 

At 31 March 2022 a valuation of the land and buildings held by the group was undertaken by an external, independent valuer, being Cushman & Wakefield. The valuation was prepared in accordance with the RICS Valuation - Global Standards. This led to an upwards revaluation of land and buildings of £419,768 in the prior year based on market value.

 

The investment properties were revalued at 31 March 2019 by Fisher German LLP and Cushman & Wakefield, independent valuers not connected with the group, on a fair value basis. The directors do not consider the value to have changed between the date of this valuation and the balance sheet date.

 

Overall the carrying value of the group's tangible fixed assets including investment property exceed depreciated historical cost by £16,075,226 (2022: £16,075,226).

Impairment of goodwill

As at 31 March 2023 the group had goodwill of £2,069,199 (2022: £2,094,287).

 

Purchased goodwill represents the excess of the fair value of consideration paid over the fair value of the identifiable assets and liabilities acquired net of accumulated amortisation. The goodwill relates to the acquisition of Park Furnishers (Bristol) Limited and Bottlers & Distillers (Wales) Limited. The goodwill is being amortised over the estimated useful economic life which the board considers to be 100 years for goodwill arising from the acquisition of Park Furnishers (Bristol) Limited and 10 years for goodwill arising from the acquisition of Bottlers & Distillers (Wales) Limited.

 

FRS 102 does not permit goodwill to be assigned an indefinite life. The board has concluded that whilst the life of the goodwill is not indefinite, the durability of the business acquired is such that the life is expected to be long lasting and the value of the acquired goodwill is not expected to diminish significantly.

 

The durability of the business acquired, Park Furnishers (Bristol) Limited, is characterised by factors such as the stability of the sector, low technology, long lifespan of store and the product offering, high sustainable demand and high barriers to entry. The nature of the acquired business and the market in which it operates means that the goodwill should have a long economic life providing that the business continues to be run as effectively. As a result, there is no individual aspect of the acquisition that will diminish over time. Therefore, the board selected 100 years as being a reasonable period over which to amortise the goodwill since an indefinite life is not permitted and arbitrarily amortising goodwill over a shorter period would not reflect the economics of the business.

 

Bottlers & Distillers (Wales) Limited was acquired as a relatively new business and therefore the board consider 10 years to be a more appropriate period over which to amortise the goodwill.

 

The value of the business and goodwill is assessed for impairment against carrying values on an annual basis in accordance with FRS102 "Impairment of fixed assets and goodwill". Any impairment is charged to the profit and loss account in the period in which it arises.

 

The determination of the useful economic life is clearly a significant judgment; a significantly shorter life would result in significantly greater amortisation charge in the profit and loss account.

 

The assessment for impairment involves estimating the recoverable amount, which involves estimation of the future cash flows of the cash generating Unit (CGU) and also the selection of an appropriate discount rate in order to calculate the net present value of those cash flows. This clearly required significant judgement and estimation uncertainty.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover
Home retail stores
54,346,260
54,166,332
Hotel, leisure and golf resort
16,657,351
13,906,228
Property development
120,795
481,338
Spirits distillery
3,742,507
2,738,465
74,866,913
71,292,363
Other significant revenue
Grants received (excluding furlough grant claim income)
25,628
29,314
Furlough grant claim income received
-
380,568
Turnover analysed by geographical market
2023
2022
£
£
United Kingdom
74,866,913
71,292,363

Revenue from concession sales in the retail business is shown on a net basis, being the commission received rather than the gross value achieved on the sale. The gross transaction value, which presents revenue on a gross basis before adjusting for concessions, during the year and a reconciliation to the group's reported turnover for department stores is as follows:

 

2023
2022
£
£
Gross transaction value
59,657,006
58,206,955
Concessions
(5,310,746)
(4,040,623)
Net department store revenue as above
54,346,260
54,166,332
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
4
Other operating income
2023
2022
£
£
Rental income
195,446
266,491
Commission
532,738
402,158
Sundry income
85,533
129,880
Grants received (excluding furlough grant claim income)
25,628
29,314
Furlough grant claim
-
380,568
839,345
1,208,411
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants (excluding furlough grant claim income)
(25,628)
(29,314)
Furlough grant claim income received
-
(380,568)
Depreciation of owned tangible fixed assets
2,158,071
2,044,442
Depreciation of tangible fixed assets held under finance leases
123,786
87,949
(Profit)/loss on disposal of tangible fixed assets
(599,076)
21,892
Amortisation of intangible assets
26,576
25,746
Cost of stocks recognised as an expense
38,184,132
37,460,610
Operating lease charges
686,811
446,043
Exceptional items within operating profit (see note 7)
-
102,826
During the year, the group sold its Fenton site for proceeds of £1.4m, generating a profit on disposal after costs of £594,965.
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,250
1,200
Audit of the financial statements of the company's subsidiaries
38,400
34,900
39,650
36,100
For other services
Other taxation services
12,400
12,025
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 32 -
7
Exceptional costs/(income)
2023
2022
£
£
Redundancy costs
-
102,826
Total exceptional items within operating profit
-
102,826
Fair value movement on interest rate swap
(1,036,087)
(729,830)
Total exceptional items within profit before tax
(1,036,087)
(627,004)
Tax on exceptional items
196,857
119,131
Total exceptional items within profit and loss account
(839,230)
(507,873)

During the year the group made redundancies with total costs of £nil (2022: £102,826).

 

During the year ended 31 March 2020 the group entered into an interest rate swap. This has generated an exceptional gain on fair value movement of £1,036,087 (2022: gain of £729,830, 2021: gain of £322,636, 2020: loss of £368,609).

8
Employees

The average monthly number of persons (including directors and part time staff) employed by the group during the year under contracts of employment (whether full time or part time) was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administrative
248
248
-
-
Directors
8
7
-
-
Sales
293
365
-
-
Warehouse
81
53
-
-
Spa
17
23
-
-
Events and catering
188
118
-
-
Ground staff/maintenance
34
29
-
-
Production
20
-
-
-
Total
889
843
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
18,224,262
16,365,589
-
0
-
0
Social security costs
1,574,467
1,408,156
-
-
Pension costs
486,737
507,323
-
0
-
0
20,285,466
18,281,068
-
0
-
0
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Employees
(Continued)
- 33 -

Wages and salaries include £nil (2022: £102,826) of exceptional redundancy costs, refer to note 7.

9
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,220,492
1,215,472
Company pension contributions to defined contribution schemes
164,265
183,366
1,384,757
1,398,838
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
198,146
169,980
Company pension contributions to defined contribution schemes
16,712
58,589

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2022: 6).

10
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
155
-
0
Other interest income
1,240
1,389
Total income
1,395
1,389
11
Interest payable and similar expenses
2023
2022
£
£
Interest on bank loans, arrangement fees and other charges
584,747
454,873
Other interest on financial liabilities
80,192
36,624
Interest on finance leases and hire purchase contracts
14,553
12,099
Unwinding of discount on pension obligation
4,000
8,000
Other interest
13,643
415
Total finance costs
697,135
512,011
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 34 -
12
Other gains and losses
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on fair value of interest rate swap
1,036,087
729,830
13
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
225,392
Deferred tax
Origination and reversal of timing differences
1,172,461
517,477
Changes in tax rates
830,189
-
0
Adjustment in respect of prior periods
99,318
-
0
Total deferred tax
2,101,968
517,477
Total tax charge
2,101,968
742,869

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
6,080,091
7,117,796
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
1,155,217
1,352,381
Tax effect of expenses that are not deductible in determining taxable profit
6,913
4,508
Tax effect of income not taxable in determining taxable profit
(942)
(2,275)
Adjustments in respect of prior years
99,317
(532,541)
Effect of change in corporation tax rate
1,149,547
-
Permanent capital allowances in excess of depreciation
(82,857)
(96,037)
Depreciation on assets not qualifying for tax allowances
229
1,637
Other permanent differences
(164,396)
32,961
Other temporary timing differences
(344,012)
(17,765)
Capital Gains
234,192
-
0
Other timing differences
48,760
-
0
Taxation charge
2,101,968
742,869
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Taxation
(Continued)
- 35 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
36,050
34,770

The group has approximately £2.2m (2022: £2.6m) of tax trading losses carried forward. However the use of approximately £1.9m (2022: £2.3m) of these losses is restricted for use against certain trading activities.

14
Intangible fixed assets
Group
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 April 2022
2,134,296
13,765
2,148,061
Additions
-
0
6,553
6,553
At 31 March 2023
2,134,296
20,318
2,154,614
Amortisation and impairment
At 1 April 2022
40,009
1,284
41,293
Amortisation charged for the year
25,088
1,488
26,576
At 31 March 2023
65,097
2,772
67,869
Carrying amount
At 31 March 2023
2,069,199
17,546
2,086,745
At 31 March 2022
2,094,287
12,481
2,106,768
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 36 -
15
Tangible fixed assets
Group
Land and buildings
Investment property
Plant, machinery and equipment
Fixtures, fittings and motor vehicles
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2022
69,949,224
2,050,000
10,658,400
31,363,736
-
0
114,021,360
Additions
2,872,849
-
0
1,737,228
2,772,105
92,838
7,475,020
Disposals
(657,153)
-
0
(253,269)
(830,782)
-
0
(1,741,204)
Transfer to inventory
-
0
-
0
(10,546)
(331,926)
-
0
(342,472)
At 31 March 2023
72,164,920
2,050,000
12,131,813
32,973,133
92,838
119,412,704
Depreciation and impairment
At 1 April 2022
178,215
-
0
4,338,226
20,275,795
-
0
24,792,236
Depreciation charged in the year
52,259
-
0
604,291
1,617,344
7,963
2,281,857
Eliminated in respect of disposals
(1,579)
-
0
(183,019)
(667,271)
-
0
(851,869)
Transfer to inventory
-
0
-
0
(2,126)
(129,743)
-
0
(131,869)
At 31 March 2023
228,895
-
0
4,757,372
21,096,125
7,963
26,090,355
Carrying amount
At 31 March 2023
71,936,025
2,050,000
7,374,441
11,877,008
84,875
93,322,349
At 31 March 2022
69,771,009
2,050,000
6,320,174
11,087,941
-
0
89,229,124
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant, machinery and equipment
634,830
326,432
-
0
-
0
Fixtures, fittings and motor vehicles
747,590
105,447
-
0
-
0
1,382,420
431,879
-
-
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
15
Tangible fixed assets
(Continued)
- 37 -

In the prior year a valuation was undertaken by an external, independent valuer, being Cushman & Wakefield. The valuation was prepared in accordance with the RICS Valuation - Global Standards, This lead to an upwards revaluation of all tangible fixed assets excluding investment properties of £419,768 based on market value.

 

The investment properties were revalued at 31 March 2019 by Fisher German LLP and Cushman & Wakefield, independent valuers not connected with the company, on a fair value basis. In 2019 a revaluation gain of £825,040 on investment property was included within the profit and loss account. The directors do not consider the value to have changed between the date of this valuation and the balance sheet date.

If tangible fixed assets including investment property were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2023
2022
£
£
Group
Cost
117,785,164
112,393,819
Accumulated depreciation
(40,538,040)
(39,239,921)
Carrying value
77,247,124
73,153,898
16
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
25,929,874
23,660,202
Unlisted investments
2,341
2,341
-
0
-
0
2,341
2,341
25,929,874
23,660,202
Movements in fixed asset investments
Group
Unlisted investments
£
Cost or valuation
At 1 April 2022 and 31 March 2023
2,341
Carrying amount
At 31 March 2023
2,341
At 31 March 2022
2,341
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
16
Fixed asset investments
(Continued)
- 38 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 April 2022
23,660,202
Additions
2,269,672
At 31 March 2023
25,929,874
Carrying amount
At 31 March 2023
25,929,874
At 31 March 2022
23,660,202

Additions in the current year relate to the transfer of investment in Bottlers & Distillers (Wales) Limited from Vale of Glamorgan Hotel Limited to J. H. Leeke & Sons Limited.

17
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Leekes Group Property Developments Limited
Property development
Ordinary
100.00
0
Leekes Limited
Department stores
Ordinary
100.00
0
Park Furnishers (Bristol) Limited
Dormant
Ordinary
0
100.00
Vale of Glamorgan Hotel Limited
Hotel, leisure and golf resort
Ordinary
100.00
0
Bottlers & Distillers (Wales) Limited
Spirits distillery
Ordinary
100.00
0

Bottlers & Distillers (Wales) Limited is a direct subsidiary of J.H. Leeke and Sons Limited, having been transferred from Vale of Glamorgan Hotel Limited during the current year.

 

Park Furnishers (Bristol) Limited is an indirect subsidiary of J.H. Leeke and Sons Limited, being a 100% subsidiary of Leekes Limited.

 

The registered office of all of the above subsidiaries is Mwyndy Business Park, Mwyndy, Pontyclun, Mid Glamorgan, Wales CF72 8PN.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 39 -
18
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,719,944
683,857
1,719,944
683,857
19
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
471,699
413,058
-
-
Development land
3,919,538
3,894,971
-
-
Finished goods and goods for resale
14,376,352
14,730,197
-
0
-
0
18,767,589
19,038,226
-
-
20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,669,085
2,406,311
-
0
-
0
Corporation tax recoverable
6,638
50,843
-
0
-
0
Derivative financial instruments
1,719,944
683,857
1,719,944
683,857
Other debtors
1,916,651
1,457,966
47,292
140
Prepayments and accrued income
2,236,920
1,343,716
-
0
-
0
7,549,238
5,942,693
1,767,236
683,997
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
40,098,008
40,303,745
Total debtors
7,549,238
5,942,693
41,865,244
40,987,742

Included within other debtors of the group are directors' current accounts of £7,069 (2022: £47,626). These are unsecured and repayable on demand. Interest is receivable on these balances at the HMRC official rate of 2% per annum.

Further details are provided in the related party transactions note.

 

The amounts due from fellow group undertakings are due for payment after more than five years; interest is charged at 1.65% per annum above the Bank of England base rate in line with the rate at which the group borrowings are charged.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 40 -
21
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
24
-
0
-
0
-
0
1,039,383
Obligations under finance leases
23
395,989
110,108
-
0
-
0
Pension scheme loans
24
526,743
461,928
-
0
-
0
Trade creditors
4,796,793
5,431,020
-
0
-
0
Corporation tax payable
-
0
218,755
-
0
-
0
Other taxation and social security
1,555,216
1,286,470
-
-
Other creditors
590,000
401,114
-
0
-
0
Accruals and deferred income
6,565,727
7,949,698
24,277
51,892
14,430,468
15,859,093
24,277
1,091,275

Included within other creditors of the group are directors' current accounts of £271,024 (2022: £2,506) which are unsecured and repayable on demand. Interest has been charged at 2.04% per annum above bank base rate on the amounts due. Further details are provided in the related party transactions note.

22
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
24
16,316,667
16,891,667
16,316,667
16,891,667
Obligations under finance leases
23
560,958
133,784
-
0
-
0
Pension scheme loans
24
1,235,926
870,182
-
0
-
0
Amounts due to group undertakings
-
0
-
0
22,922,334
18,287,641
18,113,551
17,895,633
39,239,001
35,179,308
23
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
395,990
110,108
-
0
-
0
In two to five years
560,957
133,784
-
0
-
0
956,947
243,892
-
-
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
23
Finance lease obligations
(Continued)
- 41 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

24
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
16,316,667
16,891,667
16,316,667
16,891,667
Bank overdrafts
-
0
-
0
-
0
1,039,383
Pension scheme loans
1,762,669
1,332,110
-
0
-
0
18,079,336
18,223,777
16,316,667
17,931,050
Payable within one year
526,743
461,928
-
0
1,039,383
Payable after one year
17,552,593
17,761,849
16,316,667
16,891,667

Bank loans are secured over the assets of the group. Pension scheme loans are secured over certain assets of the group held by Leekes Group Property Developments Limited.

The bank loans relate to revolving credit facilities and a term loan with Barclays Banks Plc and HSBC Bank Plc. The facilities are due for repayment in December 2024. The interest rate applicable to these loans is 1.65% (HSBC Bank Plc) and 1.6% (Barclays Bank Plc) per annum above the Bank of England base rate following renewal of the group's banking facilities on favourable terms in December 2021.

The pension scheme loans are repayable by instalments up to April 2028; interest is charged at 3% above the Bank of England base rate.

25
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
5,022,597
2,699,958
Tax losses
(561,254)
(498,066)
Revaluations
222,296
369,601
Retirement benefit obligations
(14,503)
(41,889)
Short term timing differences
(1,514)
-
4,667,622
2,529,604
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
25
Deferred taxation
(Continued)
- 42 -
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
2,529,604
-
Charge to profit or loss
2,101,968
-
Charge to other comprehensive income
36,050
-
Liability at 31 March 2023
4,667,622
-

The deferred tax liability set out above is expected to reverse in future years and relates predominantly to accelerated capital allowances.

26
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary voting shares of £1 each
100,000
100,000
100,000
100,000
Ordinary non-voting shares of £1 each
1,557,024
1,557,024
1,557,024
1,557,024
1,657,024
1,657,024
1,657,024
1,657,024

Apart from the ability to vote, the voting and non-voting shares rank pari passu.

27
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
486,737
507,323

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the year end the group had outstanding pension contributions of £116,757 (2022: £71,742), this amount being included within creditors due within one year.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
27
Retirement benefit schemes
(Continued)
- 43 -
Defined benefit schemes

The group also operates a defined benefit pension scheme that was acquired as part of the hive-up of the trade and assets of Cole of Bilston Limited on 19 November 2009. This provides pension benefits for members based on their earnings close to retirement and whose assets are held separately from those of the company. The fund is now closed to new entrants.

 

The pension cost has been determined on the basis of the long-term contribution rate to the plan expressed as a level percentage of pensionable payroll which has to be paid in the future to provide the plan benefits. It is the company's intention to contribute to the plan at the long-term contribution rate disclosed in the periodic actuarial valuation.

 

The pension cost for the year has been assessed in accordance with the advice of a qualified actuary by reference to the most recent full actuarial valuation as at 06 April 2020.

 

A qualified actuary has calculated the position at 31 March 2023 for the purposes of complying with the requirements of FRS 102 for the current year.

2023
2022
Key assumptions
%
%
Discount rate
4.7
2.7
Expected rate of increase of pensions in payment
3.3
3.7
Expected rate of salary increases
0.0
0.0
Price inflation (RPI)
3.4
3.9
Price inflation (CPI)
2.7
2.9
Mortality assumptions
2023
2022

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
85.6
85.5
- Females
87.9
87.8
Retiring in 20 years
- Males
87.3
87.2
- Females
89.6
89.5
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
27
Retirement benefit schemes
(Continued)
- 44 -

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

2023
2022
Group
£
£
Present value of defined benefit obligations
1,618,000
2,162,000
Fair value of plan assets
(1,893,800)
(1,971,800)
(Surplus) / Deficit in scheme
(275,800)
190,200
Restriction of recognition of scheme asset
275,800
-
Total liability recognised
-
190,200
The company had no post employment benefits at 31 March 2023 or 1 April 2022.
Group
2023
2022

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
4,000
8,000
Group
2023
2022

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
48,000
(58,000)
Less: calculated interest element
53,000
38,000
Return on scheme assets excluding interest income
101,000
(20,000)
Other gains and losses
(521,000)
(163,000)
Effect of changes in the amount of surplus that is not recoverable
275,800
-
Total costs/(income)
(144,200)
(183,000)
Group
2023

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2022
2,162,000
Benefits paid
(80,000)
Interest cost
57,000
Other
(521,000)
At 31 March 2023
1,618,000
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
27
Retirement benefit schemes
(Continued)
- 45 -

The defined benefit obligations arise from plans which are wholly or partly funded.

Group
2023

Movements in the fair value of plan assets

£
Fair value of assets at 1 April 2022
1,971,800
Interest income
53,000
Return on plan assets (excluding amounts included in net interest)
(101,000)
Benefits paid
(80,000)
Contributions by the employer
50,000
At 31 March 2023
1,893,800

Fair value of plan assets at the reporting period end

Group
2023
2022
£
£
Equity instruments
1,162,000
-
Bonds
255,000
-
Cash and other
476,800
1,971,800
1,893,800
1,971,800
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
786,086
527,250
-
-
Between two and five years
2,385,038
2,047,982
-
-
In over five years
23,769,573
2,025,246
-
-
26,940,697
4,600,478
-
-
J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 46 -
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
801,569
655,645
-
-
30
Events after the reporting date

Subsequent to the year end in August 2023, the group has exchanged contracts to sell development land at a profit.

31
Controlling party

The ultimate controlling party is G L Leeke.

32
Related party transactions
Remuneration of key management personnel

There are no key management personnel other than the directors whose remuneration is disclosed in note 9.

Transactions with related parties
Other information

The company has taken advantage of the exemption, under the terms of FRS 102, Section 33.1A, from disclosing related party transactions with wholly owned subsidiaries within the group.

 

At 31 March 2023, there were unsecured directors' loan accounts owed by the group to E J Leeke of £168,954 (2022: £nil), to S J Leeke of £nil (2022: £2,506), to C L Leeke of £7,740 (2022: £nil), G L Leeke of £60,179 (2022: £nil) and to M A Fowler of £34,151 (2022: £nil). The amounts attract interest at 2.04% per annum above bank base rate and are repayable on demand.

 

At 31 March 2023, there were unsecured directors' loan accounts owed to the group from G L Leeke of £nil (2022: £2,062), from E J Leeke of £nil (2022: £6,964), from J E Littlejohn of £1,897 (2022: £223), S J Leeke of £5,172 (2022: £nil) and from C Leeke of £nil (2022: £38,377). Interest is receivable on directors' loan account balances in excess of £10,000 at the HMRC official rate of 2% per annum.

 

The maximum debit balances outstanding on directors' loan accounts during the year were £10,062 (2022: £31,569) owed from G L Leeke, £9,403 (2022: £6,964) owed from E J Leeke, £12,873 (2022: £1,087) owed from S J Leeke, £43,944 (2022: £45,944) owed from C Leeke, £736 (2022: £nil) from M A Fowler and £2,381 (2022: £1,517) owed from J E Littlejohn.

 

G L Leeke, S J Leeke, E J Leeke, C Leeke and J E Littlejohn are trustees of J H Leeke & Sons Executive Pension Scheme. During the year, the group paid rent of £220,000 (2022: £220,000) to the pension scheme in respect of land and buildings. In addition the group has loans from the pension scheme. The amounts owed to the pension scheme at 31 March 2023 was £1,709,150 (2022: £1,269,150). Loans from the pension scheme are secured over the assets of group companies.

J.H. LEEKE AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 47 -
33
Analysis of changes in net debt - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,750,781
(585,726)
1,165,055
Borrowings excluding overdrafts
(18,223,777)
144,441
(18,079,336)
Obligations under finance leases
(243,892)
(713,055)
(956,947)
(16,716,888)
(1,154,340)
(17,871,228)
34
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,978,123
6,374,927
Adjustments for:
Deferred taxation charge
2,101,968
742,869
Interest payable and similar expenses
697,135
512,011
Interest receivable and similar income
(1,395)
(1,389)
(Gain)/loss on disposal of tangible fixed assets
(599,076)
21,892
Amortisation and impairment of intangible assets
26,576
25,746
Depreciation and impairment of tangible fixed assets
2,281,857
2,132,391
Other gains and losses
(1,036,087)
(729,830)
Pension scheme non-cash movement
(46,000)
(42,000)
Decrease in provisions
(4,000)
(8,000)
Movements in working capital:
Decrease/(increase) in stocks
481,240
(1,728,425)
(Increase)/decrease in debtors
(614,663)
565,342
(Decrease)/increase in creditors
(1,560,566)
3,698,380
Cash generated from operations
5,705,112
11,563,914
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