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Registered number: 12145310









LEAP TO SUCCESS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
LEAP TO SUCCESS LIMITED
 

CONTENTS



Page
Company Information
 
1
Balance Sheet
 
2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11

 
LEAP TO SUCCESS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Kevin Conneely 
Paul Conneely 




REGISTERED NUMBER
12145310



REGISTERED OFFICE
110 Warwick Avenue
Edgware

Middlesex

HA8 8UJ

United Kingdom




INDEPENDENT AUDITORS
Crowe Ireland

Chartered Accountants and Statutory Audit Firm

40 Mespil Road

Dublin 4

D04 C2N4




BANKERS
Bank of Ireland
33 Arran Quay

Smithfield

Dublin 7




SOLICITORS
Plunkett Kirwan & Co. Solicitors
175 Howth Road

Killester

Dublin 3




Page 1

 
LEAP TO SUCCESS LIMITED
REGISTERED NUMBER: 12145310

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 5 
4,685
5,689

Investment property
 6 
922,485
922,485

  
927,170
928,174

Current assets
  

Debtors: amounts falling due within one year
 7 
24,769
32,941

Cash at bank and in hand
 8 
147,099
87,627

  
171,868
120,568

Creditors: amounts falling due within one year
 9 
(969,923)
(973,754)

Net current liabilities
  
 
 
(798,055)
 
 
(853,186)

  

Net assets
  
129,115
74,988


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
129,114
74,987

  
129,115
74,988


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 




Kevin Conneely
Director

Date: 26 August 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
LEAP TO SUCCESS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity


At 1 December 2022
1
74,987
74,988


Comprehensive income for the year

Profit for the year
-
54,127
54,127


At 30 November 2023
1
129,114
129,115



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Profit and loss account
Total equity


At 1 December 2021
1
33,917
33,918


Comprehensive income for the year

Profit for the year
-
41,070
41,070


At 30 November 2022
1
74,987
74,988


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
LEAP TO SUCCESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

The principal activity of Leap to Success Limited is that of a rental company. The registered office is 110 Warwick Avenue, Edgware, Middlesex, HA8 8UJ, United Kingdom.
The Company is a limited company incorporated and domiciled in the United Kingdom. The Company is tax resident in the United Kingdom. The Company's registration number is 12145310.
The functional and presentation currency is euro. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
LEAP TO SUCCESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
12.5%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

Page 5

 
LEAP TO SUCCESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

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

 
2.10

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as
Page 6

 
LEAP TO SUCCESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.10
FINANCIAL INSTRUMENTS (continued)

subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as
Page 7

 
LEAP TO SUCCESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.10
FINANCIAL INSTRUMENTS (continued)

with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.
 

PROVISION AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to the revenue and assist with the preparation of the financial statements.


4.


EMPLOYEES




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 8

 
LEAP TO SUCCESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


TANGIBLE FIXED ASSETS





Fixtures and fittings




Cost or valuation


At 1 December 2022
8,032



At 30 November 2023

8,032



Depreciation


At 1 December 2022
2,343


Charge for the year on owned assets
1,004



At 30 November 2023

3,347



Net book value



At 30 November 2023
4,685



At 30 November 2022
5,689


6.


INVESTMENT PROPERTY


Freehold investment property




Valuation


At 1 December 2022
922,485



At 30 November 2023
922,485






Page 9

 
LEAP TO SUCCESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


DEBTORS

2023
2022

  

Amounts owed by group undertakings
 11 
19,797
30,941

Other debtors
  
4,972
2,000

  
24,769
32,941



8.


CASH AND CASH EQUIVALENTS

2023
2022

Cash at bank and in hand
147,099
87,627

147,099
87,627



9.


CREDITORS

2023
2022

Amounts owed to group undertakings
 11 
963,381
963,381

Corporation tax
  
-
2,028

Other creditors
  
6,542
5,460

Accruals and deferred income
  
-
2,885

  
969,923
973,754



10.


SHARE CAPITAL

2023
2022
Allotted, called up and fully paid



1 (2022 - 1) Ordinary Shares share of 1.00
1
1


Page 10

 
LEAP TO SUCCESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


RELATED PARTY TRANSACTIONS

At the beginning of the year Conneely Construction Limited owed €30,941 to the Company. During the year the Company was advanced €11,144 from Conneely Construction Limited. At the year end a balance of €19,797 remained outstanding from Conneely Construction Limited. 
 
At the beginning of the year the Company owed €963,381 to Super Successful Limited. At the end of the year this balance remained outstanding. 
Transactions with Directors
At the beginning of the year the Company was owed €2,000 by Paul Conneely. At the end of the year this balance remained outstanding. 

12.


POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.  


13.


CONTROLLING PARTY

The Company is controlled by Kevin and Paul Conneely.

14.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 30 November 2023 was unqualified.

The audit report was signed on 29 August 2024 by George Kennington (Senior Statutory Auditor) on behalf of Crowe Ireland.

 
Page 11