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REGISTERED NUMBER: 02822063 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2023

FOR

LEESON HOLDINGS LIMITED

LEESON HOLDINGS LIMITED (REGISTERED NUMBER: 02822063)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


LEESON HOLDINGS LIMITED (REGISTERED NUMBER: 02822063)

STATEMENT OF FINANCIAL POSITION
30 JULY 2023

30.7.23 30.7.22
Notes £    £   
FIXED ASSETS
Investment property 5 966,009 966,009

CURRENT ASSETS
Debtors 6 514,210 401,166
Cash at bank 11,901 3,682
526,111 404,848
CREDITORS
Amounts falling due within one year 7 (562,315 ) (395,696 )
NET CURRENT (LIABILITIES)/ASSETS (36,204 ) 9,152
TOTAL ASSETS LESS CURRENT
LIABILITIES

929,805

975,161

CREDITORS
Amounts falling due after more than one
year

8

(506,838

)

(536,238

)

PROVISIONS FOR LIABILITIES (55,136 ) (54,504 )
NET ASSETS 367,831 384,419

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings 367,825 384,413
367,831 384,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LEESON HOLDINGS LIMITED (REGISTERED NUMBER: 02822063)

STATEMENT OF FINANCIAL POSITION - continued
30 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





J P Collins - Director


LEESON HOLDINGS LIMITED (REGISTERED NUMBER: 02822063)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023


1. STATUTORY INFORMATION

LEESON HOLDINGS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02822063

Registered office: C/O Aztec Chemicals
Unit 16 Orion Way
Orion Park
Crewe
Cheshire
CW1 6NG

The principal activity of the company is that of a property rental company.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

(i) Estimated useful lives of tangible assets

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

(ii) Valuation of investment property

As described in the notes to the financial statements, the investment property is stated in the balance sheet at valuation, which is deemed the fair value at 30 July 2023. The directors are of the opinion that this valuation is not materially different to current market prices observed.

LEESON HOLDINGS LIMITED (REGISTERED NUMBER: 02822063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2023


3. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

CORPORATION TAX
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.


LEESON HOLDINGS LIMITED (REGISTERED NUMBER: 02822063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2023


3. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

INVESTMENT PROPERTY
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. INVESTMENT PROPERTY
Total
£   
COST
At 31 July 2022
and 30 July 2023 966,009
NET BOOK VALUE
At 30 July 2023 966,009
At 30 July 2022 966,009

The investment property is stated at cost value. The directors are of the opinion that the carrying value is not materially different to the current market value at 30 July 2023.

LEESON HOLDINGS LIMITED (REGISTERED NUMBER: 02822063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.7.23 30.7.22
£    £   
Amounts owed by group undertakings 282,000 182,000
Other debtors 47,370 47,370
Directors' loan accounts 184,650 171,650
VAT 190 146
514,210 401,166

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.7.23 30.7.22
£    £   
Bank loans and overdrafts 40,040 40,040
Amounts owed to group undertakings 514,371 345,698
Tax 1,947 5,251
Accruals and deferred income 5,957 4,707
562,315 395,696

The Bank holds official copies of the register of properties over which is a first legal mortgage and which would be in the name of the customer unless otherwise stated.

Freehold First Legal Charge over Unit 16 Orion Park, Crewe, Cheshire dated 1 August 2012.

The company is party to a composite guarantee dated 9 March 2007 with the following companies - Hopecrest Investments Limited, Aztec Chemicals Limited, and Aztec Fleet Management Limited.

A mortgage charge exists dated 13 July 2009 incorporating a fixed and floating charge over all current and future assets of the company.

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.7.23 30.7.22
£    £   
Bank loans - 1-2 years 40,040 40,040
Bank loans - 2-5 years 120,121 120,121
Bank loans payable more than
5 years by instalments 346,677 376,077
506,838 536,238

LEESON HOLDINGS LIMITED (REGISTERED NUMBER: 02822063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30.7.23 30.7.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable more than
5 years by instalments 346,677 376,077
346,677 376,077

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 July 2023 and 30 July 2022:

30.7.23 30.7.22
£    £   
J P Collins
Balance outstanding at start of year 171,650 256,650
Amounts advanced 113,000 97,000
Amounts repaid (100,000 ) (182,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 184,650 171,650

By virtue of the overdrawn directors' loan accounts, a liability to taxation exists under section 455 CTA 2010 in the sum of £62,319. It is anticipated that the loans will be fully repaid within 9 months and therefore no provision for the taxation has been made.

10. RELATED PARTY DISCLOSURES

Transactions between fellow group companies have been concluded under normal market conditions and have not been disclosed in line with paragraphs 1AC.34-36 of FRS102.

11. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the board.

12. ULTIMATE PARENT UNDERTAKING

The parent undertaking is Hopecrest Investments Limited, a company registered in England and Wales. The ultimate parent undertaking is J & J Holdings (Crewe) Limited, a company registered in England and Wales.