Company Registration No. 06775340 (England and Wales)
Mark Leonard Investments Limited
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with the registrar
Mark Leonard Investments Limited
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
Mark Leonard Investments Limited
Chartered accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Mark Leonard Investments Limited for the year ended 31 May 2024
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mark Leonard Investments Limited for the year ended 31 May 2024 set out on pages 2 to 8 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the Board of Directors of Mark Leonard Investments Limited, as a body, in accordance with the terms of our engagement letter dated 18 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Mark Leonard Investments Limited and state those matters that we have agreed to state to the Board of Directors of Mark Leonard Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mark Leonard Investments Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Mark Leonard Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mark Leonard Investments Limited. You consider that Mark Leonard Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mark Leonard Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
18 July 2024
Chartered Accountants
71 Queen Victoria Street
London
EC4V 4BE
Mark Leonard Investments Limited
Balance sheet
As at 31 May 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
2,490,569
1,493,925
Current assets
Debtors
5
-
0
1,667,093
Cash at bank and in hand
109,029
387,048
109,029
2,054,141
Creditors: amounts falling due within one year
6
(36,755)
(1,189,886)
Net current assets
72,274
864,255
Total assets less current liabilities
2,562,843
2,358,180
Provisions for liabilities
(33,359)
-
0
Net assets
2,529,484
2,358,180
Capital and reserves
Called up share capital
8
1,650,001
1,650,001
Profit and loss reserves
879,483
708,179
Total equity
2,529,484
2,358,180

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Mark Leonard Investments Limited
Balance sheet (continued)
As at 31 May 2024
3
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
Mark Sainsbury
Director
Company Registration No. 06775340
Mark Leonard Investments Limited
Notes to the financial statements
For the year ended 31 May 2024
4
1
Accounting policies
Company information

Mark Leonard Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements 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.

1.2
Fixed asset investments

Fixed Asset Investments comprises of loans which are measured at fair value. Any changes in fair value are recognised in profit or loss. Also included in fixed asset investments are unlisted investments, these are held at historic cost less impairment.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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, 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.

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 company after deducting all of its liabilities.

Mark Leonard Investments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
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 company’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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.

Mark Leonard Investments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
6
1.7
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.

1.8
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
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2,482,110
1,485,465
Loans
8,459
8,460
2,490,569
1,493,925
Mark Leonard Investments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
4
Fixed asset investments (continued)
7
Movements in fixed asset investments
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 June 2023
1,485,465
8,460
1,493,925
Additions
855,005
-
855,005
Valuation changes
141,903
-
141,903
Equalisation
(263)
(1)
(264)
At 31 May 2024
2,482,110
8,459
2,490,569
Carrying amount
At 31 May 2024
2,482,110
8,459
2,490,569
At 31 May 2023
1,485,465
8,460
1,493,925
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
1,667,093

Included within the 2023 other debtors is a loan of £1.6m provided to a company under common control. Interest was charged on the loan at an aggregate of the CPI rate, as varied from time to time and subject to a minimum of 1.5%, and a margin of 4%.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
15,755
40,884
Other creditors
21,000
1,149,002
36,755
1,189,886
Mark Leonard Investments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
8
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
33,359
-
2024
Movements in the year:
£
Liability at 1 June 2023
-
Charge to profit or loss
33,359
Liability at 31 May 2024
33,359

The deferred tax liability set out above relates the unrealised gains on investments held at fair value.

8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,650,001 Ordianry shares of £1 each
1,650,001
1,650,001

The shares have attached to them full voting, dividend and capital distribution rights. They do not confer any rights of redemption.

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