Company registration number 12110593 (England and Wales)
LEELA CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LEELA CAPITAL LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
LEELA CAPITAL LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LEELA CAPITAL LIMITED FOR THE YEAR ENDED 31 MARCH 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 Leela Capital Limited for the year ended 31 March 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Leela Capital Limited, as a body, in accordance with the terms of our engagement letter dated 12 August 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Leela Capital Limited and state those matters that we have agreed to state to the board of directors of Leela Capital 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 Leela Capital Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Leela Capital 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 Leela Capital Limited. You consider that Leela Capital 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 Leela Capital 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.

Beavis Morgan LLP
12 August 2024
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
LEELA CAPITAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
178
Investment property
5
210,075
210,075
210,075
210,253
Current assets
Debtors
6
2,307
-
0
Cash at bank and in hand
1,001
431
3,308
431
Creditors: amounts falling due within one year
7
(1,492)
(1,273)
Net current assets/(liabilities)
1,816
(842)
Total assets less current liabilities
211,891
209,411
Creditors: amounts falling due after more than one year
8
(152,625)
(150,500)
Net assets
59,266
58,911
Capital and reserves
Called up share capital
9
-
0
-
0
Profit and loss reserves
59,266
58,911
Total equity
59,266
58,911

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

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

The director acknowledges his 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.

LEELA CAPITAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 12 August 2024
Mr N J Dias
Director
Company registration number 12110593 (England and Wales)
LEELA CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
-
0
200,524
200,524
Period ended 31 March 2023:
Loss for the year
-
(16,113)
(16,113)
Dividends
-
(125,500)
(125,500)
Balance at 31 March 2023
-
0
58,911
58,911
Year ended 31 March 2024:
Profit for the year
-
355
355
Balance at 31 March 2024
-
0
59,266
59,266
LEELA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information

Leela Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Reporting period

The financial statements for the previous accounting period were prepared from 1 July 2022 to 31 March 2023 which is a period of less than one year and therefore the comparative amounts presented in the financial statements (including related notes) are not entirely comparable.

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.4
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:

Computer equipment
33% straight line basis

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 credited or charged to profit or loss.

1.5
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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

LEELA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and includes both cash in hand and deposits held with bank.

1.8
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 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. 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.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

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.

LEELA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.11
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.

1.12
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Fair value of investment properties

The directors have made key assumptions in the determination of fair value of investment properties in respect of the state of the property market in the locations where the properties are situated.

3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
LEELA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
881
Depreciation and impairment
At 1 April 2023
703
Depreciation charged in the year
178
At 31 March 2024
881
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
178
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
210,075

The property acquisition was completed on 19 May 2020, the director deems that the value of the property as at the balance sheet date to be the acquisition cost plus any additions to date.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,307
-
0
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,492
1,273
LEELA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
152,625
150,500

The bank loan is a mortgage which is repayable in equal instalments over 25 years. It is secured by a fixed charge over the investment property. The loan carries an interest rate of 3.24% per annum for the first 5 years. The remaining loan term is charged at 5% + LIBOR. The loan matures in November 2046.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
152,625
150,500
9
Called up share capital
2024
2023
£
£
1 Ordinary share of 1p each
-
-
10
Related party transactions

At the balance sheet date, the company was owed £250 (2023: £nil) by LC RP 2 Limited, a related company by virtue of common control.

11
Directors' transactions

Included within other debtors is an amount of £2,057 (2023: £73 credit balance) owed by the director.

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